SEC and CFTC have requested funding from Congress to regulate the crypto market

SEC and CFTC have requested funding from Congress to regulate the crypto market

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The SEC and CFTC asked Congress for funding to regulate the crypto market. Two American regulators, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), were asked to raise funds to regulate the digital currency market.

The texts of the statements are published on the official websites of the CFTC and SEC. In particular, the heads of departments pointed to the need to improve the level of knowledge about blockchain technologies and cryptocurrencies.

For example, SEC Chairman Jay Clayton announced his intention to expand the staff to regulate “large securities market participants” and oversee the cryptocurrency industry.

It should be noted that earlier, the ministry already announced its intention to hire a legal consultant to develop a comprehensive plan for tokens with the properties of securities.

In his speech, he also stressed that the SEC regards “digital assets, including cryptocurrencies, coins and tokens” as a high-risk investment. CFTC Chairman Christopher Giancarlo said that his department needs to deepen its knowledge in order to “conduct an independent analysis of market data from various sources, including decentralized blockchains and networks, without relying on self-regulating organizations and market intermediaries.”

He also noted that the Commission is awaiting new applications for the registration of clearing houses as a result of an explosion of interest in cryptocurrencies. He made a similar statement earlier to the Congress Committee on Agriculture.

Recall that in April, the SEC and the CFTC issued a joint warning to investors about fraudulent websites that carry out advisory, investment and trading activities in the field of cryptocurrency.

SEC and CFTC have requested funding from Congress to regulate the crypto market

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