Bitcoin
$ 29,196.00 4.03%
Ethereum
$ 1,963.48 3.13%
Solana
$ 49.38 7.37%
Dogecoin
$ 0.083897 3.70%
ApeCoin
$ 7.66 6.38%
STEPN
$ 1.34 8.48%
Terra
$ 0.000131 5.63%

CFTC commissioner against crypto regulation by enforcement

DeFi

TL;DR Breakdown

  • CFTC Commissioner , Stump speaks against regulation style of SEC, CFTC.
  • Says crypto regulations needs to broken down for forms to comply.
  • SEC chair, Gensler says there are no ambiguity in crypto laws.

Dawn Stump, a CFTC commissioner (Commodity Futures Trading Commission), has expressed concerns over the manner in which regulators (CFTC and SEC) manage crypto regulation in the United States of America.

The commissioner questioned the CFTC and SEC’s approach to regulating the industry, noting that she is against regulation through enforcement.

She said this during a recent interview she had with financial times as she noted that regulators are hitting companies with fines and lawsuits without providing clear, compliant guidelines.

“What I discourage here at the CFTC is bringing enforcement actions without giving the tools they need to be compliant … I think there’s a lot of that happening right now, she said.

“We’ve never designed a regulation that explains to these entities how they could achieve that registration. I would have preferred that we would not have brought those types of cases until we had better defined how they might achieve compliance,” she said.

Lawmakers agree with CFTC commissioner on crypto regulation

Some American lawmakers before the CFTC commissioner have also expressed similar concerns on the manner regulators handle crypto regulation in the US.

Senator Pat Toomey said this week that “failure” by SEC Chairman Gary Gensler “to provide clear rules of the road for cryptocurrencies underscores the need for Congress to act.”
SEC Commissioner Hester Peirce has also argued against regulation by enforcement, emphasizing the need for more clarity in crypto regulation.

SEC chairman Gary Gensler states that the rules are clear on what assets are and securities.

Gensler has always been vocal on his approach and priorities to regulating crypto assets, focusing on investor protection.

He describes crypto innovation as real, adding that it has been and could continue to be a catalyst for change in the fields of finance and money.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Related News

Hot Stories

Seth Green loses his 4 NFTs in a Phishing scam; begs not to buy them.
Bitcoin, Ethereum, Shiba Inu, and FTX Token Daily Price Analyses – 19 May Roundup
Mike Novogratz preaches humility in investments and keeps his LUNA tattoo 
Ripple price analysis: XRP/USD set to break higher in the next 24 hours
Vitalik Buterin reveals when Ethereum merge could happen

Follow Us

Industry News

Gabe Plotkin's hedge fund Melvin Capital shut its doors this week
CFTC indicts 2 men for running a $44M crypto Ponzi scheme
Goldman Sachs: crypto crash has little effect on the US economy
Commonwealth bank halts crypto pilot program
Mike Novogratz preaches humility in investments and keeps his LUNA tattoo