On May 8, two major financial regulators, the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC), attended the Congress to testify.
The Senate Appropriations Committee’s hearing informed the Senate of the budgetary needs of the agencies and outlined the goals and initiatives.
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SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo all mentioned in their testimonies the importance of government agencies familiar with digital assets and blockchain.
According to Clayton, the SEC's compliance inspection office has classified digital assets, including cryptocurrencies, tokens, etc., as high-risk products.
In addition, the SEC also requires the addition of four new positions in the trading and marketing sectors to specialize in “major securities market participants”, thereby increasing the organization's expertise in the digital asset market.
At the CFTC's budget hearing, J. Christopher Giancarlo listed “the phenomenal speed of exponential technology change, the non-intermediation of traditional players and business models, and the need for technical literacy and big data capabilities” as a challenge for regulators. field.
Giancarlo further stated that the CFTC is working hard to adapt to this environment and become a qualified regulator. He also believes that CFTC should have the ability to integrate different data sources (including decentralized blockchains and networks) for independent market data analysis, rather than relying solely on self-regulatory organizations and market intermediaries.
The CFTC chairman went on to say that the committee's budget proposal would enable it to “expand its core economic expertise to conduct in-depth analysis and empirical research in areas that it considers important”.
As Cointelegraph previously reported, there is no uniform federal classification for cryptocurrencies. One consequence of this is that although the standards of the SEC and the CFTC are legally valid and enforceable, the regulatory requirements between the two are different and are not the same.
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 these assets.
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.