CFTC Commissioner Tell Crypto Firms to Self Police
Traders Magazine Online News, February 22, 2018
The crypto-industry has been given a strong suggestion – regulate yourselves until further notice.
The suggestion was made by Brian Quintenz, a Republican commissioner with the Commodity Futures Trading Commission, late last week, according to a report on Reuters. Quintenz said the industry should consider adopting self-regulatory standards and industry-wide best practices while regulators, such as the CFTC and/or SEC, conclude their own examinations of the nascent industry and come up with their own regulations.
His comments to reporters came before a CFTC technology advisory panel meets for a daylong meeting in Washington.
Reuters said that this meeting marks the first by the CFTC’s Technology Advisory Committee in two years, as the regulator has begun expanding its footprint in the cryptocurrency space. The CFTC previously allowed two U.S. exchanges to list bitcoin futures contracts, and Quintenz said the CFTC is eager to hear more perspectives.
Quintenz said the regulator is eager to hear outside perspectives as the agency refines its thinking on the matter.
“The role of the advisory committee is to advise us,” he said. “We can have a very candid and open discussion, and let the experts tell us what they think.”
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