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The U.S. Futures Trading Commission will tighten its oversight of cryptocurrencies

The leadership of the Commodity Futures Trading Commission (CFTC) of the United States believes that against the backdrop of an increase in the number of crypto-crimes, the supervisory authority must strengthen the regulation of digital assets.

CFTC Chairman Rostin Behnam in a video address at the Chainalysis Inc conference promisedthat the regulator is stepping up efforts to deal with cases of fraud and manipulation related to cryptocurrency:

“Headlines about the loss of tens of millions of dollars in digital assets due to protocol exploits, phishing attacks, hunts for careless users and other fraudulent and manipulative schemes have become all too common.”

The official noted that in the past fiscal year, the agency opened 23 cases related to cryptocurrencies, which is almost half of the total number of registered malicious acts related to digital assets since 2015. According to Behnam, about two-thirds of the total crypto fraud lawsuits have been filed in the past two and a half years.

Behnam urged crypto industry participants to abide by the law and work together to identify and stop intruders before a crime occurs:

“I have said many times that crypto markets have unique characteristics that would benefit from regulatory oversight.”

In the United States, the competition for the supervision of the cryptocurrency market continues. Rostin Behnam’s speech came amid the aftermath of Terra’s recent downfall and a statement by the SEC leadership that warned that the regulator would tighten requirements for unregistered crypto companies.

Source: Bits

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