After the FTX collapse, the U.S. Commodity Futures Trading Commission’s (CFTC) jurisdiction urges Congress to act fast on the crypto regulation.
The official CFTC site stated that “Unlike other federal financial regulators, the CFTC lacks the necessary and direct authority to write rules and to oversee this marketplace. The CFTC does not have direct statutory authority to comprehensively regulate cash digital commodity markets; instead, the Commission’s jurisdiction resides with its more limited fraud and manipulation enforcement authority.”
Notably the CFTC has brought more than 60 enforcement cases in the digital asset space since 2014, with total penalties of just over $820 Million. In fiscal year 2022, more than 20% of CFTC’s 82 enforcement actions involved digital assets.
CFTC Chair’s Statement
The CFTC is an independent federal regulatory agency tasked with overseeing the U.S. derivatives markets. On December 01, 2022, the CFTC Chair, Rostin Behnam argued that the col
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