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Home News

CFTC Commissioner Calls for Crypto Reforms

November 22, 2024
Reading Time: 2 mins read
in News
CFTC Commissioner Calls for Crypto Reforms

At the North American Blockchain Summit on November 21, 2024, Commodity Futures Trading Commission (CFTC) Commissioner Summer Mersinger called for the establishment of clear and structured regulations for the cryptocurrency industry in the United States. Speaking on the current state of crypto regulation, Mersinger criticized the existing “regulation by enforcement” approach, where policy decisions are being made through enforcement cases and court rulings. She stressed that such a method leaves crypto firms uncertain about how to operate within the law and urged for more proactive and transparent regulations.

Mersinger highlighted the challenges faced by decentralized finance (DeFi) entities and decentralized autonomous organizations (DAOs), which are often charged under existing legal frameworks but lack the provisions to register officially. This creates confusion, as companies that try to comply often end up facing legal charges, as demonstrated by the case of Uniswap. The CFTC commissioner pointed out that the current enforcement settlements do not provide enough clarity for crypto businesses seeking to align themselves with the law.

In her speech, Mersinger also emphasized the importance of creating new laws to better govern the crypto industry, allowing firms to avoid unjust litigation. While she generally holds a conservative stance, she acknowledged the necessity of updated regulations to address the unique challenges posed by cryptocurrencies and blockchain technologies. According to Mersinger, the absence of such laws leaves room for chaos, with other agencies, like the Federal Communications Commission (FCC), stepping in to bring charges that may not align with the specific nature of crypto businesses.

Finally, Mersinger encouraged the crypto industry to begin engaging with the new administration as soon as its leadership is identified. She stressed the importance of starting these conversations early to ensure that policymakers understand the needs of the rapidly evolving industry. Mersinger also underscored the CFTC’s role as a regulator for the cryptocurrency spot market, noting its ability to implement legislative changes quickly and efficiently without disrupting the market.

Reference:

  • Commodity Futures Trading Commission Commissioner Calls for US Crypto Reforms
Tags: BlockchainCFTCCryptocurrenciesCyber NewsCyber News 2024Cyber threatsDeFiNorth AmericaNovember 2024United States
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