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- CFTC Commissioner Christine Johnson aims to introduce and establish new cryptocurrency rules.
- Johnson also suggested that agencies should have the authority to engage in due diligence to meet customer protection and market integrity.
- Senator Elizabeth Warren said the solution to crypto regulation lies with the SEC, which has a long history in the field.
The battle to implement crypto regulation and find the right oversight bodies for it is far from over. Both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have made claims, but neither has managed to convince the majority.
CFTC calls for crypto regulation
CFTC Commissioner Christine Johnson called for greater scrutiny of the cryptocurrency market in a speech at Duke University on January 21. Johnson said the CFTC chair has encouraged Rostin Behnam to begin the notification and comment process as soon as possible.
This is because Johnson seeks to introduce and establish new cryptocurrency rules under the authority of the CFTC.
Johnson has also called on Congress to give government agencies more power to regulate cryptocurrencies. The CFTC Commissioner’s statement comes after the collapse of crypto exchange FTX, which Johnson emphasized many times during his speech.
She also called for the agency to have more participation and visibility regarding the financial health of companies looking to acquire or merge with other companies. said to
“To ensure customer protection, market integrity and market stability, the Commission should have the authority to engage in an appropriate level of due diligence.”
Senator Elizabeth Warren Prefers SEC
Senator Elizabeth Warren gave a keynote speech at a cryptocurrency event on Wednesday, calling for tighter regulation of the market while boosting the powers of the SEC. Senator Warren said the solution to crypto regulation lies with the SEC, acknowledging the role of Chairman Gary Gensler, she added:
“The SEC has a long history of fighting the very battles we face today…Gary Gensler has proven he is the right leader to get the job done.”
Other panelists shared this opinion, which was also addressed in their speeches. Matt Stoller, director of research for the American Economic Liberties Project, said:
“There is now a smear campaign against Gensler, with the industry trying to condemn his actions.”
However, the crypto industry may not agree with this, as Gensler’s harshness led the community to demand his refusal, but unfortunately to no avail.
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