NEW: The CFTC should use its current authority to tighten rules for customer funds, not wait for new laws, CFTCjohnson said, pointing to the fallout from the FTX_Official disaster. jesseahamilton reports
As the U.S. Commodity Futures Trading Commission awaits legislation to establish its place in crypto oversight, Commissioner Kristin Johnson says the agency should start using its existing powers to strengthen requirements for keeping customers’ assets safe.
“Liquidity crises and a lack of responsible governance at cryptocurrency exchanges and other prominent crypto-intermediaries have roiled the digital asset ecosystem,” Johnson said. “A series of bankruptcy filings reveals a grim portrait of some of the most egregious corporate governance and risk management failures in recent financial markets history.”
Still, any agency rule-making will only extend to the firms currently regulated or that are seeking to register. That’s part of the problem that’s been repeatedly underlined by agency leaders, including Chair Rostin Behnam in testimony in the Senate Agriculture Committee on Thursday. He explained that his agency is hamstrung by limitations that only let it reach FTX’s derivatives-trading arm, the affiliate formerly known as LedgerX.
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