CFTC News

“The report recommends the passage of legislation in providing a rulemaking authority for federal financial regulators over this market,” said economist Jonathan Rose.

Recent cases involving crypto fraud serve as a timely reminder to do your own due diligence until regulators take more action. If something sounds too good to be true, it probably is.

Many in the space have criticized regulators including the CFTC and SEC for taking a “regulation by enforcement” approach to crypto in the United States.

The committee meeting was Johnson’s first as committee sponsor; she chose to concentrate on digital assets and the Digital Commodities Consumer Protection Act in her opening remarks.

The CFTC’s actions have even been met with strong pushback from its own commissioner, while others have drawn comparisons to the SEC’s regulation by enforcement tactics.

The outcome of the SEC v. Ripple lawsuit could influence whether the CFTC or SEC will play a greater role in handling the XRP token as a commodity or security.

The senator has a proven track record when it comes to cryptocurrency and issues such as privacy rights. Her proposal to regulate the industry is one that crypto enthusiasts can get behind.

The fact sheet sums up the efforts of nine federal agencies’ research over the past six months.

Though he did not specify any particular crypto, SEC chair Gary Gensler said proof-of-stake cryptocurrencies could be subject to securities laws.

The crypto spokespeople testified before the Senate Agriculture Committee on Thursday with analyses of the bill’s strengths and recommendations for its weaknesses.

The CFTC chair said that the Ethereum blockchain’s transition to proof-of-stake, despite reducing energy usage by more than 99%, may not go far enough in resolving the problem.

CCI CEO Sheila Warren said that there was “a very tight window” to pass the crypto bill, given the possible change in leadership following the 2022 midterm elections.

The official will testify before the Senate Committee on Banking on Sept. 15; in a transcript released early, he reiterates the primacy of securities law in crypto regulation.

Lummis-Gillibrand would allow the SEC to figure out which cryptocurrencies fall under its regulatory purview, leaving the rest to the CFTC.

The public was invited to comment on whether the regulators should use the term “crypto asset” instead of “digital asset” in proposed changes to Form PF.