According to Cointelegraph's May 9 report, the chairman of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) attended the US Congress on May 8th.
(Source: Wikipedia )
At the Senate Appropriations Committee hearing, different government agencies will inform the Senate of their budget needs, as well as outline their work goals and initiatives.
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US Securities and Exchange Commission Chairman Jay Clayton and Commodity Futures Trading Commission Chairman J. Christopher Giancarlo pointed out in their testimonies that the two institutions have learned the importance of digital assets and blockchain technology.
According to Jay Clayton, the US Securities and Exchange Commission's Office of Compliance Inspection has classified “digital assets including cryptocurrencies and certificates” as high-risk investments. In addition, the US Securities and Exchange Commission has requested the creation of four new positions in its trading and marketing department, which will be responsible for overseeing “participants in major securities markets” and improving the Securities and Exchange Commission's expertise in the digital asset market.
At the same time, J. Christopher Giancarlo, chairman of the US Commodity Futures Trading Commission, said at a budget hearing that he believes regulators are "a huge change brought about by technology, a non-intermediation of traditional participants and business models, a technical literacy and The demand for big data capabilities is facing enormous challenges.
J. Christopher Giancarlo went on to say that the US Commodity Futures Trading Commission is trying to adapt to this environment and strive to be a “quantitative regulator”. The Commodity Futures Trading Commission should be “capable of spanning different data sources (including forensic blockchains and networks) and ultimately conducting independent market data analysis without relying on self-regulatory agencies and market intermediaries”. J. Christopher Giancarlo concludes by stating that the US Commodity Futures Trading Commission's budget proposal will enable it to “expand its understanding of core economic expertise to conduct in-depth analysis and empirical research in areas that it believes to be important”.
As Cointelegraph reported previously, US federal law does not categorize cryptocurrencies. Although the regulatory standards of the US Securities and Exchange Commission and the Commodity Futures Trading Commission are legally valid and enforceable, they do not have the same regulatory requirements to follow.
Earlier this year, US regulators relaunched the Token Taxonomy Act, which aims to exclude digital assets from securities laws and provide a unified regulatory framework for such assets.