• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Nvidia Top Executive Says Crypto Adds Nothing of Value to Society but AI Does: Report

2023-03-29

Senators grill federal officials over lack of oversight into SVB, Signature Bank collapse

2023-03-28

Disney Metaverse Division Reportedly Scrapped

2023-03-28
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Nvidia Top Executive Says Crypto Adds Nothing of Value to Society but AI Does: Report

    2023-03-29

    Senators grill federal officials over lack of oversight into SVB, Signature Bank collapse

    2023-03-28

    CFTC ‘Pretty Confident’ in Case Against Binance, Says Chairman Rostin Behnam

    2023-03-28

    OKX becomes latest exchange to apply for Hong Kong VASP license

    2023-03-28

    Balaji Srinivasan Says Millions of Worried Depositors Could Wire Money to Bitcoin As Banks Get Too Big To Escape

    2023-03-28
  • Learn

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    2023-03-15
  • Market Cap
CryptoNewsMetaverse
Home»Regulation»CFTC’s Johnson urges Congress to expand commission’s crypto oversight powers
Regulation

CFTC’s Johnson urges Congress to expand commission’s crypto oversight powers

2023-01-28No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson has urged Congress to adopt legislation that “closes the current gap in the oversight of crypto spot markets.”

During a speech at a digital assets conference at Duke University on Jan. 21, Johnson proposed a number of amendments that would enable the CFTC to conduct “effective due diligence” on businesses, including crypto firms, that want to acquire CFTC-regulated entities.

The commissioner also wants expanded powers for the commodities regulator to enhance customer protection, prevent liquidity crises and mitigate conflicts of interest.

CFTC Commissioner Kristin Johnson. Source: YouTube

One of these potential changes would be to give the commodities regulator new powers to investigate any business that wants to purchase 10% or more of a CFTC-registered exchange or clearinghouse.

Johnson highlighted the example of derivatives exchange LedgerX, which became a subsidiary of FTX on Aug. 31, 2021, and is now wrapped up in the crypto exchange’s collapse.

The commissioner notes that the regulator currently has no ability to conduct due diligence on whichever firm buys the business and is merely a passenger as the exchange goes through the sales process.

Johnson also addressed co-mingling of customer funds, which was one of the more egregious accusations levied at FTX following its collapse, calling for regulation that formalizes the obligation of crypto firms to segregate customer funds.

Related: FTX VCs liable to ‘serious questions’ around due diligence — CFTC Commissioner

Another gap pointed out by Johnson was in risk management procedures, pointing to the contagion that has continued to spread after major crypto company collapses, such as FTX: 

“Interconnectedness among crypto-firms amplified by fragile or non-existent risk management, corporate governance failures, and conflicts of interests at individual firms fuels the likelihood of crises.”

The commissioner argued that current “frameworks such as anti-trust law and regulation may prove too limited in scope” in increasingly diverse markets, and instead advocated for “tailored and effective governance, and risk management controls.”

Source link

CFTCs commissions Congress Crypto Expand Johnson Oversight powers Urges
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Nvidia Top Executive Says Crypto Adds Nothing of Value to Society but AI Does: Report

2023-03-29

Senators grill federal officials over lack of oversight into SVB, Signature Bank collapse

2023-03-28

CFTC ‘Pretty Confident’ in Case Against Binance, Says Chairman Rostin Behnam

2023-03-28

OKX becomes latest exchange to apply for Hong Kong VASP license

2023-03-28
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Grand Prix NFT Collection by Opus and Bernie Ecclestone

2022-10-31

Curve Token (CRV) Surges 17% On Terra’s “4Pool” Launch

2022-05-04

NEAR, Monero, Filecoin Price Analysis: 27 April

2022-04-27

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Nvidia Top Executive Says Crypto Adds Nothing of Value to Society but AI Does: Report

2023-03-29

Senators grill federal officials over lack of oversight into SVB, Signature Bank collapse

2023-03-28

Disney Metaverse Division Reportedly Scrapped

2023-03-28
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$27,442.001.56%
  • ethereumEthereum(ETH)$1,786.574.13%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$313.871.92%
  • usd-coinUSD Coin(USDC)$1.000.09%
  • rippleXRP(XRP)$0.5412.81%
  • cardanoCardano(ADA)$0.3794829.20%
  • Lido Staked EtherLido Staked Ether(STETH)$1,781.137.25%
  • dogecoinDogecoin(DOGE)$0.0744622.68%