The CFTC Announces A New Technology Innovation Office To Oversee Cryptocurrency

The CFTC Announces a New Technology Innovation Office to Oversee Cryptocurrency

On Monday, one of the agency’s leaders announced that the regulator, which may soon be in charge of more US crypto oversight, is expanding its technology team.

A bill with bipartisan support in Congress would give the Commodities and Futures Trading Commission (CFTC) more authority over digital assets if passed.

CFTC Chairman’s Statement

The CFTC Announces a New Technology Innovation Office to Oversee Cryptocurrency

According to CFTC Chairman Rostin Behnam, who spoke about the decision at a Brookings Institution event yesterday, digital assets and decentralized technologies have grown out of their sandboxes

The LabCFTC, which Behnam’s predecessor, Christopher J. Giancarlo, established, will be replaced by the new office.

In addition to being a supporter of blockchain, the former CFTC Chairman is known as “Crypto Dad.”

After the unit is renamed and reorganized, the director of the Office of Technology Innovation will report to Behnam’s office.

The Commodity Futures Trading Commission is a new player in the race to regulate cryptocurrency (CFTC).

Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) have proposed legislation to give the Commodity Futures Trading Commission (CFTC) authority over “fungible digital assets that are not securities.”

Because of its historical significance in grain futures markets, the bill is expected to be heard by the Congressional Agriculture Committee, which oversees commodities markets. If Gillibrand is correct, a vote could happen this year.

He made his remarks at a time when the Securities and Exchange Commission (SEC) appears to be taking on more responsibility for cryptocurrency, a departure from the current situation.

Additionally, CFTC employees will have the opportunity to rotate through and gain field experience.

Behnam said yesterday that legislative efforts to improve regulatory consistency had “encouraged” him

“Even the strongest collaborative relationships may not yield the efficiency we require,” he said, to put an end to corporate wrongdoing that increasingly affects more than just individual investors.

The lack of a comprehensive regulatory framework applicable to businesses operating in the digital asset market has had an impact on trade settlement, conflicts of interest, data reporting, and cybersecurity.

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