A Commodity Futures Trading Commission (CFTC) commissioner Dawn Stump has raised concerns about the regulation of cryptocurrencies through the app, the approach taken by both the CFTC and the Securities and Exchange Commission. US (SEC).
CFTC Commissioner Stump on Crypto Regulation
CFTC Commissioner Dawn Stump has raised concerns regarding the approach her agency and the U.S. Securities and Exchange Commission (SEC) are taking to regulate the crypto industry. The commissioner is a vocal advocate for clarifying the guidelines for crypto assets.
In an interview with the Financial Times, published on Wednesday, he explained that he opposes “regulating by applying the law.” Noting that regulators are hitting companies with fines and lawsuits without providing clear compliance guidelines, he said:
What I discourage here at the CFTC is taking compliance actions without giving the tools they need to comply … I think there is a lot going on right now.
He emphasized: “We have never designed a regulation that explains to these entities how they could achieve this registration. I would have preferred if we had not brought those types of cases until we had better defined how they could achieve compliance. “
Several lawmakers have voiced similar concerns and called for more clarity on crypto regulation. Sen. Pat Toomey (R-Pa.) Said this week that the “failure” of SEC Chairman Gary Gensler “to provide clear rules for cryptocurrencies underscores the need for Congress to act.”
SEC Commissioner Hester Peirce has also opposed per-app regulation, emphasizing the need for greater clarity in crypto regulation. However, Gensler has insisted that the rules are clear about whether an asset is a security.
Nonetheless, Stump said:
I wish the SEC would [give] more details on how they conclude that some of these things are values.
What do you think of the comments from CFTC Commissioner Dawn Stump? Let us know in the comment section.
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