Adaptation and Change – Regulators SEC and CFTC want to increase digital asset expertise

Adaptation and Change - Regulators SEC and CFTC want to increase digital asset expertise

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.

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.

Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Bitcoin Beats Gold in Investor Allocation, Says JP Morgan Analyst 🥇

According to JPMorgan managing director Nikolaos Panigirtzoglou, Bitcoin is becoming increasingly utilized in investo...


Did Craig Wright Invent Bitcoin? The Drama Continues in Court 🧐

In the face of intensified cross-examination on Monday, Wright maintained his position and offered a thorough explana...


Bitcoin option fever skyrocketed, trading volume approaching historical highs or becoming price booster

On Monday evening Beijing time, CME Bitcoin options on the Chicago Mercantile Exchange officially opened for trading....


Opinions | Utilizing the China National Consensus and the Mining Council to deal with bitcoin network issues

On June 28th, bitcoin cash supporter Javier Gonzalez announced an interesting agreement called the Bitcoin Mining Cou...


Bitcoin Price Dip: Is it Just a Bump in the Road?

Bitcoin is currently experiencing a natural price correction within its bullish market trend. This is a normal and ex...


Viewpoint | The most amazing passage in The Bitcoin Standard (on)

Note: This article is a clip selected by Yorick de Mombynes from The Bitcoin Standard. When he was published on Twitt...