Blockchain Association Director Says CFTC Is the Preferred Regulator for Bitcoin and other Cryptos, Commends Policymakers for Supporting the Agency.
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.
"The fact that we have this level of senator who is thinking about this is incredibly encouraging," says @KMSmithDC about the #Crypto Regulation bill. "The CFTC today already has authority over fraud in the underlying spot markets and manipulation." pic.twitter.com/9dvk58kpTY
— Squawk Box (@SquawkCNBC) August 4, 2022
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.