• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Monday, January 30, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

CFTC chairman speaks on crypto regulation

August 23, 2022
in Regulations
Reading Time: 5 mins read
A A
ShareShareShareShareShare

Related articles

Code vs. Values: The Crypto Twist on ‘Trust’ – CoinDesk

January 30, 2023

White House Stance on Crypto Urges Roadblocks for Traditional Finance Firms

January 30, 2023

Timothy Massad, current CFTC Chairman, believes that closing the gap present in crypto regulation will require close cooperation with the SEC. 

Massad: CFTC and SEC must work together to define clear crypto regulation

According to Timothy Massad, CFTC and SEC will have to join forces to create an SRO

For years now we heard about how to regulate the cryptocurrency market and something that immediately presented itself as a major challenge. The lack of a regulatory framework that is clear and common to all has created some confusion, especially in defining what a cryptocurrency is and, consequently, how to deal with it. 

Some think that they should be understood in the same way as securities, and others, on the other hand, believe that they should be regarded as commodities. 

This has naturally led to the initiation of some legal actions by market regulators, such as the well-known lawsuit between Ripple and the SEC. 

There is also an endless debate between proponents of outright decentralization and those who argue that for sustainable market development there is a need to define rules. 

Certainly, the ideals that support blockchain technology as it was created should be protected. On the other hand, however, since the birth of Bitcoin to date there have been numerous scams, frauds, hacks, and, especially in the last two years, rug pulls. 

Consequently, these are precisely the circumstances that call for a regulatory framework that can protect the “weaker parties,” namely consumers and investors. 

Moreover, such laws must be able to support the development of the market without holding it back, as is the case when regulations become too stringent and limiting for those in the industry.

Thus, a clear conflict is being created between regulation and deregulation. Certainly, the latter has allowed exponential development over the past 14 years, but it has also left room for a too-long series of negative events. 

The solution expressed by the CFTC Chairman

According to Timothy Massad, this kind of gap can be solved through the creation of a self-regulatory organization, or as it is called in English, Self-Regulatory Organization (SRO):

“There is a gap. There’s a gap with respect to regulation of what I would call the cash market for crypto assets, which are not securities.”

The idea is to combine the resources and know-how of the CFTC with those of the SEC to establish an SRO. This type of organization is typically created for the sole purpose of regulating a specific industry, and outlining standards for that industry. 

Massad, during an interview with “First Mover,” a TV show hosted by CoinDesk, stated that:

“The SEC and the CFTC create a joint self-regulatory organization that they would oversee and they would pass on its rules.”

Meanwhile, the European Union gained a small head start on cryptocurrency regulation by officially approving the MiCA on June 30. This is an initial EU provision intended to pave the way for clear guidelines regarding cryptocurrency markets. 




Credit: Source link

ShareTweetSendPinShare
Previous Post

FEWOCiOUS Hits Milestone with New All-time High

Next Post

Bitcoin mining energy consumption estimated to rise 10x if price hits $2M – Arcane Research

Related Posts

Code vs. Values: The Crypto Twist on ‘Trust’ – CoinDesk

January 30, 2023

Code vs. Values: The Crypto Twist on ‘Trust’  CoinDesk Credit: Source link

White House Stance on Crypto Urges Roadblocks for Traditional Finance Firms

January 30, 2023

Cryptocurrencies were dealt a blow last week after the White House called on Congress to do more to regulate the...

Four principles for crypto regulation

January 30, 2023

There was a substantial surge in the market capitalization of cryptocurrencies recently, reaching nearly $3 trillion in 2021 but collapsing...

Regulatory Climate Forcing Firms to Reconsider Crypto IPOs

January 30, 2023

Crypto prices are rebounding to start 2023, perhaps giving rise to a thaw in the crypto winters, but there’s still...

Singapore financial watchdog’s chairman questions if regulating crypto legitimizes speculation

January 30, 2023

Chairman of the Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam, spoke at the WEF23 and stated a controversial take on...

Load More
Next Post

Bitcoin mining energy consumption estimated to rise 10x if price hits $2M – Arcane Research

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

US authorities to intensify scrutiny of crypto industry in 2023

January 5, 2023

IMF Recommends 5-Point Crypto Regulation Scheme

January 23, 2023

SPYCE.5 and BUILDAVERSE team to build Web3

January 26, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Optimism Price Prediction – Further Upside Potential?
  • Irish Distillers Make Bold Move Into The Metaverse
  • Can A Federal Reserve’s Counterattack Stop Crypto Bull Run?

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$22,714.00-4.48%
  • ethereumEthereum(ETH)$1,550.99-5.65%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.06%
  • usd-coinUSD Coin(USDC)$1.000.09%
  • binancecoinBNB(BNB)$305.16-4.10%
  • rippleXRP(XRP)$0.396281-4.56%
  • binance-usdBinance USD(BUSD)$1.00-0.07%
  • cardanoCardano(ADA)$0.371135-6.25%
  • dogecoinDogecoin(DOGE)$0.087545-2.89%
  • matic-networkPolygon(MATIC)$1.08-8.17%
  • okbOKB(OKB)$36.90-7.38%
  • solanaSolana(SOL)$23.58-10.15%
  • staked-etherLido Staked Ether(STETH)$1,547.69-5.84%
  • polkadotPolkadot(DOT)$6.14-7.43%
  • shiba-inuShiba Inu(SHIB)$0.000011-5.46%
  • litecoinLitecoin(LTC)$89.74-7.12%
  • avalanche-2Avalanche(AVAX)$20.14-3.52%
  • tronTRON(TRX)$0.062168-2.87%
  • daiDai(DAI)$1.000.05%
  • uniswapUniswap(UNI)$6.42-7.40%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,651.00-4.55%
  • cosmosCosmos Hub(ATOM)$12.99-6.40%
  • chainlinkChainlink(LINK)$6.87-7.42%
  • leo-tokenLEO Token(LEO)$3.57-3.24%
  • ToncoinToncoin(TON)$2.25-8.47%
  • moneroMonero(XMR)$176.21-5.35%
  • ethereum-classicEthereum Classic(ETC)$21.21-6.52%
  • AptosAptos(APT)$16.86-6.05%
  • bitcoin-cashBitcoin Cash(BCH)$129.26-6.05%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.089130-4.33%
  • apecoinApeCoin(APE)$5.72-8.20%
  • quant-networkQuant(QNT)$139.00-8.94%
  • crypto-com-chainCronos(CRO)$0.077449-6.05%
  • nearNEAR Protocol(NEAR)$2.29-11.58%
  • filecoinFilecoin(FIL)$4.99-8.83%
  • algorandAlgorand(ALGO)$0.239522-8.98%
  • lido-daoLido DAO(LDO)$2.02-12.83%
  • vechainVeChain(VET)$0.023053-6.50%
  • internet-computerInternet Computer(ICP)$5.68-8.16%
  • hedera-hashgraphHedera(HBAR)$0.063746-8.70%
  • decentralandDecentraland(MANA)$0.72-10.17%
  • axie-infinityAxie Infinity(AXS)$10.71-12.68%
  • fantomFantom(FTM)$0.457669-6.41%
  • eosEOS(EOS)$1.04-6.17%
  • aaveAave(AAVE)$80.02-9.18%
  • the-sandboxThe Sandbox(SAND)$0.71-11.24%
  • elrond-erd-2MultiversX(EGLD)$42.01-7.19%
  • fraxFrax(FRAX)$1.00-0.21%