July 6, 2022

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Who controls the crypto market in the United States?

Who controls the crypto market in the United States?

CFTC plays a role Supervisor To the crypto market in the United States. This is in line with the recommendation of the bill regulating crypto markets.

The crypto sector wants CFTC

The crypto sector and politicians are proposing the role of the Commodity Futures Trading Commission (CFTC) as a regulator, says CFTC Commissioner Summer Mersinger. This would mean an extension of powers, with the CFTC now overseeing derivative markets.

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Key players in the crypto industry are behind considering CFTC as their regulator. ர சி து Senators Cynthia Loomis (Republican from Wyoming) and Kirsten Gillibrand (Democrat from New York) also supported it. Until now, the Securities and Exchange Commission (SEC) has been particularly busy in enforcement among crypto companies.

“You see the industry coming together to make CFTC the primary regulator,” Mersinger said.

Different approach than SEC

The organization has begun an investigation into the possibility of an active role in cryptocurrency. Employees look for sub-areas such as spot crypto trading. Mersinger claims that his agency has not traditionally regulated spot trading and that the investigation only provides preliminary results.

“We are a strong regulator, but the parties registered with us still have a lot of flexibility,” Mersinger says. “Unlike the top-down approach of some other regulators, they are very interested in such an approach.”

Mersinger does not refer to the SEC with this, but sums up the impression in the crypto industry very well. Said his colleague Rostin Behnam, chairman of the CFTC Yesterday At one point he was inspired by Lumis’ bill.

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The law “empowers the CFTC to make rules and regulate the parties,” Behnam said. Behnam says the industry is also asking for oversight fees to fund the agency so it can hire people “so we can control the market in the right way”.