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The Commissioner of the Commodity Futures Trading Commission (CFTC) Dawn Stump expressed concerns about the regulation of cryptocurrencies through law enforcement-both the CFTC and the U.S. Securities and Exchange Commission (SEC) have adopted this approach.
CFTC Commissioner Raises Questions on Encryption Supervision
CFTC Commissioner Dawn Stump expressed concern about the approach that his agency and the U.S. Securities and Exchange Commission (SEC) are taking to regulate the crypto industry. The commissioner is a strong supporter of clarifying the guidelines for crypto assets.
In an interview with the Financial Times published on Wednesday, she explained that she opposed “regulation through law enforcement.” She pointed out that regulators imposed fines and lawsuits on companies without providing clear compliance guidelines. She said:
What I do not encourage at the CFTC is to take enforcement actions without providing them with the tools they need to comply with… I think a lot of these things are happening now.
She emphasized: “We have never designed a regulation to explain to these entities how they achieve registration. Until we better define how to achieve compliance, I would rather we not bring these types of cases.”
Several lawmakers expressed similar concerns, and Clearer requirements Regarding encryption supervision. Senator Pat Toomey (R-Pa.) said this week that SEC Chairman Gary Gensler “failed” to provide clear rules of the road for cryptocurrencies, highlighting the need for Congress to take action.
SEC Commissioner Hester Peirce also be opposed to Supervise through law enforcement, emphasizing that encryption supervision needs to be more clear.However, Gensler insisted The rules are clear Regarding whether the asset is a security.
Nevertheless, Stump said:
I do hope that the SEC [give] More details on how they came to the conclusion that some of these things are securities.
What do you think of the comments made by CFTC Commissioner Dawn Stump? Please let us know in the comments section below.
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