CFTC urges FTX Whistleblowers to Step in, calls for Crypto Regulation


MetaVentures Bangkok 2022

Bangkok, Thailand


Dubai, UAE

The Commodity Futures Trading Commission (CFTC) Commissioners have suggested that the time to act on cryptocurrency regulation has arrived. They have urged crypto industry whistleblowers to come forward in the aftermath of FTX Group’s collapse.

During a fireside chat session that was conducted by the Texas Blockchain Council, Commissioner Summer K. Mersinger made the following statement: “Recently, it’s probably been 70-80% of what we speak about,” Mersinger remarked. “It is very evident that we are in a circumstance in which we need to pause, we need to collect the facts, and we need to comprehend what is going on […] in order to move policy forward.”

Kristin Johnson of the CFTC claimed that whistleblowers from the cryptocurrency business would be granted anonymity if they came forward with information on FTX. She went on to say that such tips play a vital part in enforcement given the murkiness of certain deals and how difficult it may be to detect illegal activity.

Mersinger said that the CTFC and the Securities and Exchange Commission (SEC) are in the process of resolving concerns pertaining to jurisdiction. There is a place for both of you, and all that remains is for us to find out how to make it work. It’s possible that the control is decentralized, but you still put consumer money in a central area where the regulators can see it, know about it, and check it.

She said that there is no clear party affiliation with regard to the topic, which makes it a fascinating political matter.

It has been urged by Johnson that legislators extend the CFTC’s authority to cover the spot market and guarantee that it has the ability to take action if it determines that behavior on a platform located outside the United States is having an effect on consumers or markets in the United States.

Compiled by Coinbold

Top Gainers
NamePrice24h %
Top Losers
NamePrice24h %