The United States Commodity Futures Trading Commission (CFTC), the regulatory agency that shares primary crypto regulatory responsibility with the Securities and Exchange Commission, will undergo restructuring to become more proactive and comprehensive, CFTC chair Rostin Behnam objavio on Monday. LabCFTC, which was described as “the focal point for the CFTC’s efforts to promote responsible fintech innovation,” will become the Office of Technology Innovation (OTI) and report directly to the chairman’s office.
“We are now engaged in a more proactive and comprehensive effort across the agency to regulate these markets with the tools currently available to us,” Behnam said at a Brookings Institute webinar. “Our core policy divisions are now directly addressing how the CFTC can leverage our existing authority to bring important regulatory protections to this market.”
Povezano: Gensler apeluje na 'jedan pravilnik' u pregovorima sa CFTC-om o kripto regulaciji
In addition, the commission’s Office of Customer Education and Outreach will be “realigned” within the Office of Public Affairs to better serve new retail participants in the market. The high level of retail participants distinguishes the digital assets market from other commodities, Behnam observed, citing CFTC studies:
“Trgovina koja ukazuje na maloprodajne učesnike čini otprilike 25% dugog otvorenog interesa na tržištu Bitcoin fjučersa.”
Behnam also noted regulators’ “collective analysis paralysis” while financial technology has surged ahead. Behnam was not always as calmly resigned to working within the agency’s current authorities, which lack market surveillance and oversight abilities, as he showed himself to be today. In February, he told the Senate Committee on Agriculture, Nutrition, and Forestry, which oversees his agency, that its dependence on tips and whistleblowers to uncover illicit activity resulted i “a very, very narrow lens into what is actually happening in the market.”
Legislative proposals, such as the Lummis-Gillibrand bill i Zakon o digitalnoj robnoj berzi grant the CTFC more authority over crypto markets.
Source: https://cointelegraph.com/news/cftc-will-remodel-labcftc-education-office-to-increase-regulatory-efficiency