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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
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
-
ArticleCompliance must focus on corruption as EU and U.K. seek to tackle rising risks
Corruption isn’t something that happens somewhere else, in other countries and committed by other people. Nowhere is corruption-proof, and new rules being introduced in the EU and the U.K. aim to focus compliance officers on the full gamut of risks in all jurisdictions and every sector.
-
ArticleEmployment law in the age of AI: Compliance considerations
Employment law in the age of AI is evolving faster than many companies can keep pace. As more states enact AI laws and as more case law piles on, chief compliance officers and in-house counsel must ensure that compliance policies and procedures evolve as AI legal and compliance risks evolve.
-
ArticleCompliance must future-proof AI projects to meet evolving regulations
AI implementations are surging, but many new systems are being abandoned after companies have invested in expensive projects. Now evolving AI regulation is adding to the list of reasons why new systems may fail. Compliance must watch emerging regulatory developments and ensure that any new AI tools are capable of ...