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HomeCrypto NewsMarketUS Blockchain Association Director Says CFTC Is Preferred Regulator for Bitcoin

US Blockchain Association Director Says CFTC Is Preferred Regulator for Bitcoin

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Blockchain Association Director Says CFTC Is the Preferred Regulator for Bitcoin and other Cryptos, Commends Policymakers for Supporting the Agency.

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Smith commends policymakers pushing for the CFTC to become the primary regulator of the crypto market.

Kristin Smith, the Executive Director of the Blockchain Association, is excited about the rate at which policymakers are pushing to give the Commodity Futures Trading Commission (CFTC) more power to regulate the cryptocurrency market. 

“The fact that we have this level of senators thinking about this is incredibly encouraging,” Smith was quoted as saying in a CNBC interview today. 

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She noted that there are now three bills, including the most recent bill authored by Republican Senator John Boozman and Democratic Senator Debbie Stabenow, that are pushing for the CFTC to become the primary regulator of the cryptocurrency market. 

Recall that in June, Senators Cynthia Lummis and Kirsten Gillibrand, via a bill, proposed that the CFTC should be given substantial regulatory oversight of the emerging market. 

According to Smith, these developments show that many policymakers are convinced that the CFTC is a suitable regulator for crypto. 

“The CFTC today already has authority over fraud in the underlying spot markets and manipulation,” Smith added. 

The enormous experience the CFTC has gathered so far in its clampdown against fraudulent crypto schemes makes the agency a suitable regulator for the nascent asset class, she added. 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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