CFTC Chair Calls for Greater Oversight of Bitcoin and Ether
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jul 11 2024- BTC, ETH Classified as Commodities: The Chair of the Commodity Futures Trading Commission (CFTC) classified Bitcoin and Ether as commodities based on a recent court decision involving a Ponzi scheme.
- Regulatory Oversight Needed: The CFTC Chair emphasized the need for regulatory oversight to protect investors and financial markets from risks associated with digital assets.
- Suggestions for Regulation: Proposed modifications to regulations, funding models, disclosure policies, KYC/AML improvements, and education campaigns for better control of digital commodities.
- Cooperation Between Regulators: Highlighted the importance of cooperation between the SEC and CFTC for effective regulation of securities and derivatives markets.
- Call for Legislative Action: Urged for federal laws to establish a regulatory framework for digital assets to ensure investor protection and financial system stability.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
