CFTC commissioner stresses ‘urgency’ in call for heightened crypto oversight
By 
Aaron Nicodemus2022-12-01T19:42:00
A commissioner at the Commodity Futures Trading Commission (CFTC) is lobbying the regulator to use its existing authority to conduct “heightened supervision” over derivative exchanges to create more oversight in crypto markets.
Christy Goldsmith Romero, in a speech delivered Wednesday to a conference hosted by the Futures Industry Association in Singapore, said she is urging the CFTC to “invoke heightened supervision of crypto exchanges.”
“At a minimum, heightened supervision would include frequent examinations and heightened focus on cybersecurity, conflicts of interest, and a safety and soundness financial review,” she said. Goldsmith Romero said she has made multiple requests within the CFTC regarding cryptocurrency oversight to no avail.
Related articles
-
ArticleBankman-Fried fraud charges detail FTX’s lack of internal controls, risk management protocols
A flurry of criminal and civil fraud charges laid against FTX founder Sam Bankman-Fried have pulled back the veil on the cryptocurrency exchange’s complete lack of internal controls and toothless risk management procedures.
-
ArticleSEC, OCC flag heightened risks from crypto bankruptcies
The Securities and Exchange Commission and Office of the Comptroller of the Currency reminded public companies and financial institutions, respectively, of their responsibilities to properly manage risks related to the crypto asset market.
-
ArticleNo time managing risk? No wonder FTX collapsed
Sam Bankman-Fried’s admission he put no effort into risk management in leading cryptocurrency exchange FTX makes it easy to understand how the firm collapsed so quickly.
More from Regulatory Policy
-
ArticleDigital wallets to speed up regulatory checks for recruitment, property transactions
You can already buy a coffee with your phone, but soon you could start a job or buy a house with it. Digital compliance wallets holding certificates and documents on smartphones are gaining traction worldwide.
-
ArticleU.K. delays audit reforms even as regulator piles on financial pressure
Delays to the U.K.’s Audit Reform and Corporate Governance Bill and creation of the ARGA regulator have sparked criticism. On Sept. 8, 66 MPs sent a letter to the Prime Minister urging reforms be returned to the Parliamentary agenda.
-
News BriefFTC ends appeal over noncompete ban but seeks public input
The FTC officially withdrew its appeal in a federal court case over its ban on employer noncompete clauses that it passed last year. The agency, however, says it wants public input regarding the effects of employer noncompete agreements.