Commissioner for the U.S. Commodity Futures Trading Commission (CFTC) Caroline Pham has proposed the creation of a unit to oversee investments in cryptocurrencies by individuals.
According to Caroline Pham, the “Retail Legal Department” will be able to implement and expand the Commission’s aspirations for greater oversight of the cryptocurrency markets. Areas of the financial system that are beyond the control of supervisory authorities, such as the “shadow” crypto industry, also need to be regulated. Pham believes that there is no need to wait for legislation and it is already necessary to ensure monitoring of this sector of the cryptocurrency market.
“While Congress continues to develop legislation, there are other ways to ensure that the CFTC and other regulatory agencies are making full use of their resources for market surveillance and enforcement,” she said.
Pham cited “the collapse of the cryptocurrency market, failures in risk management and significant retail losses” as the reason for opening a new division of the CFTC focused on retail investors. The goals of the new division, according to the commissioner, will be law enforcement in relation to the crypto industry and accelerating the education of retail investors.
Recall that in July, the CFTC announced the creation of a new division to oversee technical innovation, which, among other things, will regulate the cryptocurrency market. The Commission’s desire for more power over the industry intensified after the Senate’s agriculture bill. The committee may soon vote on legislation that would give the CFTC greater powers to oversee the crypto markets.
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.