Early action required: Former CFTC chairman calls for temporary restrictions on the US crypto industry

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Die Kryptoindustrie in den USA sollte nicht auf den Abschluss von Gerichtsverfahren warten, sondern mit temporären Beschränkungen fortgefahren werden, sagte der ehemalige Vorsitzende der Commodity Futures Trading Commission (CFTC), Timothy Massad, in einem Interview mit CNBC. Massad erklärte, dass die Durchsetzung aktueller Gesetze allein nicht ausreiche, um den Kryptomarkt zu regulieren, und dass neue Standards erforderlich seien. Massad führte zwei Hauptgründe für seine Argumentation an. Zum einen dauerten Gerichtsverfahren oft sehr lange, und die Kryptoindustrie könne möglicherweise versuchen, diese Fälle auszudehnen, um auf eine Änderung der Regulierungshaltung nach den Wahlen im Jahr 2024 zu hoffen. Zum anderen würden Gerichtsverfahren nicht …
The crypto industry in the USA should not be waiting for the conclusion of legal proceedings, but should be continued with temporary restrictions, said the former chairman of the Commodity Futures Trading Commission (CFTC), Timothy Massad, in an interview with CNBC. Massad said that the enforcement of current laws alone is not sufficient to regulate the cryptoma market and that new standards are necessary. Massad led two main reasons for his argument. On the one hand, legal proceedings often lasted for a very long time, and the crypto industry could possibly try to extend these cases in order to hope for a change in regulatory posture after the elections in 2024. On the other hand, court proceedings would not ... (Symbolbild/KNAT)

The crypto industry in the USA should not be waiting for the conclusion of legal proceedings, but should be continued with temporary restrictions, said former chairman of the Commodity Futures Trading Commission (CFTC), Timothy Massad, in an interview with CNBC. Massad said that the enforcement of current laws alone is not sufficient to regulate the cryptoma market and that new standards are necessary.

Massad led two main reasons for his argument. On the one hand, legal proceedings often lasted for a very long time, and the crypto industry could possibly try to extend these cases in order to hope for a change in regulatory posture after the elections in 2024. On the other hand, legal proceedings would not solve all urgent problems that would have to be addressed.

The question of whether cryptocurrencies should be regarded as securities as a securities described Massad as important, but he emphasized that there are currently more urgent problems that should be addressed. He suggested that a joint initiative of the CFTC and the Securities and Exchange Commission (SEC) should create a self -regulation organization for the crypto industry. This organization could develop basic standards in areas such as wealth protection, fraud prevention and conflicts of interest and introduce certain reporting obligations for crypto exchanges and trading platforms.

Massad argued that such a solution would make it possible to introduce basic industrial standards without having to rewrite the securities laws, which would be a complicated process and could bring unwanted consequences and loopholes.

Overall, Massad emphasized the need for new standards in the crypto industry in order to cope with the regulatory challenges. He called for an active approach and advocated working between regulatory authorities and the industry to implement the necessary changes.