CFTC Commissioner rejects regulation through enforcement, says that crypto needs clearer rules-regulation
CFTC Commissioner rejects regulation through enforcement, says that crypto needs clearer rules-regulation
A representative of the Commodity Futures Trading Commission (CFTC), Dawn Stump, has expressed concerns about the regulation of cryptocurrencies through enforcement-the approach of both the CFTC and the US stock exchange supervision authority SEC.
CFTC commissioner Stump for crypto regulation
CFTC Commissioner Dawn Stump has expressed concerns about the approach that your agency and the US stock exchange supervisory authority (SEC) pursue to regulate the crypto industry. The Commissioner is a vocal support for clarification of guidelines for crypto-assets.
In an interview published on Wednesday with the Financial Times, she explained that she was against "regulation through enforcement". She found that the supervisory authorities punish companies with fines and lawsuits without providing clear guideline -compliant guidelines, and said:
what I discourage here at the CFTC is to take enforcement measures without providing them with the tools that you need to comply with the regulations ... I think a lot is happening.
she emphasized: "We have never designed a regulation that explains to these institutions how you can reach this registration. I would have preferred it if we hadn't brought this kind of cases until we had better defined how you could reach the compliance."
Several legislators have expressed similar concerns and have demanded more clarity for crypta control. Senator Pat Toomey (R-Pa.) Said this week that “the failure” by the Seclei Chairman Gary Gensler “underlines clear traffic rules for cryptocurrencies, underlining the need to act”.
Sec-Commissioner Hester Peirce also has argumented Regulation through enforcement, which is necessary for more clarity in the Cryption regulation underlines. However, Gensler insisted that the rules are clear whether a value value is a securities is.
Nevertheless, Stump said:
I wish the Sec [Give] would be more detailed information on how to conclude that some of these things are securities.
What do you think of the comments from CFTC commissioner Dawn Stump? Let us know in the comment area below.
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