The US Commodity Futures Trading Commission (CTFC) has called for additional effort regarding investors’ education. This call manifested from Commissioner Kristin Johnson during a roundtable conversation. The commissioner cited the growth and tribulations of the virtual assets market as the reason for the call.
Johnson emphasized the need to increase investor education to support investors during the event. As revealed, increasing investors’ education will help fight the growing fraudulent activities in the market, Johnson opined. The commissioner added that the attempt would help protect the financial market while preserving its credibility.
The CFTC Office of Minority and Women Inclusion (OMWI), including some departments within the agency, organized the event. The event allowed regulators to air their recent opinion about the market. Consequently, experts reflected heavily on the current market situation and recent trends in the market.
One of the notable points discussed by these regulators is the protection of investors across various groups and establishing regulations to protect them. Other discussions include formulating general policies that will best fit the industry.
In addition, the discussion attended to the proposed Bipartisan Digital Commodities Consumer Protection Act of 2022 (DCCPA). If adopted, the bill would address prominent issues facing the crypto space. Also, it will mandate a CFTC study on how virtual assets can influence numerous communities.
Meanwhile, in his remarks, the commissioner discussed a June 1 report from the Federal Reserve Bank of Kansas City. The report illustrated that underserved groups have an excellent contribution to the crypto-investment community. According to the report, their investment is higher than the investment communities for financial products.
In his remarks, Johnson said that the CFTC must keep a good standard of enforcement and educational programs to protect retail investors in the crypto space. Johnson described these investors as diverse with massive domination of youths.
In the crypto space, there has been a sort of confusion about who ought to regulate the industry in the U.S. The US Security and Exchange Commission (SEC) and the CFTC remain unclear about their role in regulating the industry. This confusion birthed the ongoing lawsuit between the SEC and Ripple Inc. Reports from court proceedings revealed how Ripple Inc. has questioned the SEC’s authority to sanction its activities.
A new crypto bill proposed by Senator Lummis and some of her colleagues will likely intervene. If passed, the bill will clearly define the roles of the SEC and CFTC in the crypto space.
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