- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-01-20T20:39:00
A commissioner at the Commodity Futures Trading Commission (CFTC) called out gatekeepers—lawyers, accountants, auditors, compliance professionals, and others—for failing customers in the unregulated cryptocurrency market.
In a speech delivered Wednesday at the Wharton School and University of Pennsylvania Carey Law School, Christy Goldsmith Romero said gatekeepers must not allow the “promise of riches” to be gained working for cryptocurrency businesses “to silence their objections to obvious deficiencies.”
“In traditional finance, these gatekeepers have an important role to play in protecting customers, investors, and market integrity,” said Goldsmith Romero, a former federal prosecutor. “The role of the gatekeeper is to promote good corporate governance, instill operational discipline, ensure compliance with required standards and the law, and prevent and detect fraud and other unlawful activity.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
The former chief compliance officer at cryptocurrency exchange FTX paid off whistleblowers and their lawyers trying to expose the company’s fraud, according to a lawsuit filed in bankruptcy court by FTX and its debtors.
The Commodity Futures Trading Commission’s Technology Advisory Committee sponsored by Commissioner Christy Goldsmith Romero is crafting potential rulemaking to establish cyber resiliency baselines among swap dealers and futures commission merchants.
New York would be the first state in the nation to comprehensively regulate cryptocurrency under a sweeping bill introduced by Attorney General Letitia James.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
