The Commodity Futures Trading Commission (CFTC) Commissioners have suggested that the time to act on cryptocurrency regulation has arrived. They have urged crypto industry whistleblowers to come forward in the aftermath of FTX Group’s collapse.
Commissioner Summer K. Mersinger stated during a fireside chat discussion hosted by the Texas Blockchain Council, “Lately, it’s probably been 70-80% of what we talk about,” Mersinger said. “We are clearly in a situation where we need to stop, we need to gather the facts, we need to understand what’s happening […] to move policy ahead.”
While the CFTC’s Kristin Johnson stated that crypto industry whistleblowers would be given anonymity if they came forward about FTX. She added that such tips play an important role in enforcement, given the opaqueness of some exchanges.
Mersinger said CTFC and the Securities and Exchange Commission (SEC) are working out jurisdictional issues. “There’s a role for both, we just have to figure out to make it work. Maybe the control is decentralized, but you take customer funds and you put them in this central location that the regulators know about and see and can check.”
She said the issue is an interesting political question because it isn’t partisan.
While Johnson has suggested, lawmakers broaden the CFTC’s jurisdiction to include the spot market and ensure that it can act if it believes that activity on a platform outside the US is affecting US customers or markets.
Also Read: FTX Collapse Triggers the Need for Crypto Regulation
