CFTC Member Talks About Cryptocurrency Regulations!

At the Commodity Futures Trading Commission (CFTC) member of the commission Christy Goldsmith RomeroHe said that cryptocurrencies may pose some risks to financial stability but may need clearer guidelines rather than an entirely new set of rules.

CFTC Member Says TradFi Regulations May Apply To Cryptocurrencies To Some extent

Christy Goldsmith Romero also said that Congress should act to provide clarity on which agency should oversee the crypto spot market.

Goldsmith Romero said in a statement, because digital assets are different from traditional financial products, “we have to be a bit careful about going for specific regulations because we don’t know the consequences.”

He explained that authorities need to review established ways of regulating traditional financial markets and see if they can be applied to crypto.

Meanwhile, Goldsmith Romero said it would be helpful for Congress to clarify which government agency should be responsible for regulating digital assets.

CFTC, commodity, bond and foreign currency The Securities and Exchange Commission (SEC) oversees the futures markets of its products. stocks and bonds It oversees the securities markets, including

It remains unclear which institution will regulate the crypto spot markets. But both institutions seem to want to do just that. The CFTC currently regulates crypto futures.

Meanwhile, Romero said the institution is trying to provide clarity by setting standards for crypto-based companies that register with the institution on the derivatives side.

He added that if the institution gets additional authorization on the spot market side, it will try to implement a similar framework.

*Not investment advice.