Wednesday, August 10, 2022
Home Crypto News Market US Blockchain Association Director Says CFTC Is Preferred Regulator for Bitcoin

US Blockchain Association Director Says CFTC Is Preferred Regulator for Bitcoin

- Advertisement -

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. 

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. 

- Advertisement -


The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Bernnan
Mark Brennan
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.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Midas Releases 3 CeDeFi Investment Strategies, Creates New Opportunities In The Bear Market

On August 10, 2022, Midas.Investments, a custodial CeDeFi platform, released three new investment strategies. The platform merges diverse approaches to digital asset management into...

Hotbit Shuts Down Trading, Deposit, and Withdrawal Services Indefinitely

  Leading cryptocurrency exchange Hotbit has announced that it will be suspending some of its important services indefinitely.  ...

US SEC and CFTC Require Hedge Funds To Disclose Their Bitcoin and Crypto Holdings

Regulators may want hedge funds to report crypto exposure. window.coinzilla_display = window.coinzilla_display || ; ...

Report: $540 Million Laundered by Crypto Criminals Through RenBridge

  A new report shows that over half a billion dollars were laundered by crypto criminals through a service called RenBridge. According to a recent study...

Metaverse Memecoin Tamadoge Raises $1 Million Midway Through Its Beta Sale

London, UK, 10th August, 2022, ChainwireTamadoge, the P2E metaverse meme coin, has raised $1 million after just 12 days of its beta sale. The...

Vitalik Buterin, Justin Sun, Binance, FTX Join 440 Addresses Receiving 0.1 Ethereum From Sanctioned Tornado Cash

  Binance and FTX Join the 440 Addresses That Received 0.1 ETH From Sanctioned Tornado Cash. window.coinzilla_display =...

Nigerians Can Now Pay Their Utility Bills With Bitcoin

  Cryptocurrency is now accepted for utility payments in Nigeria. window.coinzilla_display = window.coinzilla_display || ; ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.