CFTC Commissioner Opposes Regulation by Enforcement, Says Crypto Needs Clearer Rules
A commissioner with the Commodity Futures Trading Commission (CFTC), Dawn Stump, has voiced concerns about cryptocurrency regulation through enforcement — the approach taken by both the CFTC and the U.S. Securities and Exchange Commission (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 proponent of clarifying guidelines for crypto assets.
In an interview with the Financial Times, published Wednesday, she explained that she opposes “regulating through enforcement.” Noting that regulators are hitting companies with fines and lawsuits without providing clear compliant guidelines, she said: 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 emphasized: “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.”
Several lawmakers have voiced similar concerns and have called for more clarity on crypto regulation. Senator Pat Toomey (R-Pa.) 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. However, Gensler has insisted that the rules are clear on whether an asset is a security.
Nonetheless, Stump said: I do wish the SEC would [give] more specifics on how they arrive at the conclusion that some of these things are securities. Tags in this story CFTC, cftc commissioner, cftc commissioner Dawn Stump, Dawn Stump, Dawn Stump bitcoin, Dawn Stump crypto, Dawn Stump cryptocurrency
What do you think about the comments by CFTC Commissioner Dawn Stump? Let us know in the comments section below. CIA Working on Various Crypto-Focused Projects, Director Confirms REGULATION | 17 hours ago Australia to Regulate Crypto Sector as Part of Payments Reform REGULATION | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReddit Introduces ETH-Based Community Points Beta Program With Custom Tokens for Subreddits Next articleFinancial Adviser Warns Crypto Is ‘One of the Biggest Bubbles Ever’ — Says ‘It’s Going to Be Ugly’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItEthereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL
Boba Network, a recently released L2 layer for Ethereum, has quickly jumped to second place in TVL (total value locked) among all expansion layers. Boba, which is a fork of Optimism, another L2 layer based on rollups, reached more than ... read more.Ethereum Devs Assess Reducing Data Transfer Cost 5x, EIP-4488 Becomes Possible Solution Report Shows Ethereum, Litecoin, Solana ETPs Outperformed Bitcoin Investment Products in November Sneaker Giant Adidas Says the Metaverse Is "Exciting," Reveals Partnership With Coinbase Nigerian Artist Davido Launches Fan Token That Gives "Power Back to the Fans"