CFTC Regulator Requests Expanded Powers to Oversee Digital Assets

The CFTC is the commission that regulates the futures trading of assets in the United States. The agency stated that it needs to expand its powers to establish rules that will not allow fraud in the crypto market.

Why should the agency expand its powers

The need for additional powers was stated by the head of the department Rostin Benam. This information can be traced in the theses of the specialist when he spoke to the audience in the US Congress.

The expert believes that the sphere of cryptocurrencies suffers greatly due to fraud and lies. Therefore, the commission actively wants to maintain order in this industry. At the same time, the agency plans to collect fines in the amount of more than four billion dollars. It will also include refunds in 85 cases.

The head of the department noted that the power of the regulator is severely limited in the spot market of cryptocurrencies. They can carry out actions and activities only upon the fact of fraud that has already occurred.

In his opinion, the agency needs the authority to standardize the industry, introduce rules to ensure fairness and transparency of the market and conduct active control of crypto trading. At the same time, the SEC should control only a part of the market that concerns securities.

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