CFTC Official: It’s Time for Crypto to Act!

From the executives of the U.S. Commodity Futures Trading Commission (CFTC) Summer Mersinger, “Texas Blockchain Summit” spoke at the event. The CFTC member spoke about the crypto regulations in the country that have been on the agenda in recent months.

Mersinger stated that crypto regulations have covered most of their agenda in recent months, but so far they have been content with only collecting data. But Mersinger thinks now is the time to act on crypto regulation.

The CFTC official believes that the “state of uncertainty in authority” between them and the SEC for crypto regulation will clear up in the coming time frame. Mersinger referred to the reserves announced by the stock exchanges in recent days. The official explained that the open reserve system could become a standard with regulations.

“Real-time stock market reserves could become a standard. Although we don’t want exchanges to announce this every day, we can talk about certain time periods.”

In December 2021, US President Joe Biden nominated Summer Mersinger as a candidate for the CFTC chairmanship. Although Mersinger was a member of the Republican wing, his nomination caused controversy among the Democrats.

FTX’s Bankruptcy Could Accelerate Crypto Regulations

The fact that FTX, which is shown among the most reliable cryptocurrency exchanges, fell apart in two weeks drew the attention of policy makers to the crypto industry.

Similar events experienced in the traditional finance wing in the past led to the establishment of tighter market control mechanisms by the states. For this reason, the bankruptcy of the FTX exchange may have accelerated the crypto regulation efforts around the world.