November 7, 2023
Crypto lobbyists and their allies in Congress, primarily Republican lawmakers, are pushing for the Commodity Futures Trading Commission (CFTC) to be granted more authority over the crypto spot markets. This would give the CFTC direct regulatory power over the markets where actual crypto assets are exchanged.
Currently, the Securities and Exchange Commission (SEC) holds regulatory authority over the crypto industry. However, crypto lobbyists argue that the CFTC, with its expertise in commodities and futures markets, is better suited to regulate the rapidly evolving crypto spot markets.
Granting the CFTC more power would position the agency as a dominant player in the crypto industry, surpassing the SEC in terms of regulatory authority. This shift could have significant implications for the industry, as the CFTC may introduce new regulations and oversight measures to ensure the integrity and stability of the crypto spot markets.
Crypto lobbyists and their allies are advocating for the CFTC to be given more power in regulating the crypto spot markets. This move could potentially reshape the regulatory landscape of the crypto industry and have far-reaching implications for market participants. It remains to be seen how lawmakers will respond to these calls for increased regulatory authority for the CFTC.