Congress’s agriculture committees request information on digital assets from the CFTC

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The US House and Senate Agriculture Committees despatched a letter to the chair of the Commodities Futures Buying and promoting Fee requesting extra information on digital asset marketplaces. 

The Senate conagencyed CFTC chair Rostin Benham on Dec. 15. Benham served as appearing chair By way of the transition of the Biden administration and served as a commissioner since 2017. He changed Heath Tarbert, who many Inside the crypto enterprise noticed as an ally. 

Now, the agriculture committees are asking Benham to report on The enlargement of the crypto enterprise and decide how empowered the CFTC is to step in when that progress enrisks consumers. The letter particulars the CFTC’s historic previous with crypto, collectively with its presumption that bitcoin and ether recurrent commodities. It additionally reiterates that the CFTC is empowered to convey enforcement movements in the direction of digital asset marketplaces through the Commodity Commerce Act.

It particulars particular risks Inside the space, asserting that There was an uptick in shopper reviews of losses to crypto scams. The letter additionally factors out that decentralized finance (DeFi) protocols current An alternative for extra frictionless providers, however regulators have but To utterly tackle the risks DeFi currents. 

“However, there are nonetheless Questions on Who’s Responsible for monitoring DeFi markets for fraud and manipulation, safeguarding buyer
funds, and making sure events meet their obligations To at least Every completely different,” said the letter. “We’re additionally involved about any DeFi protocols offering derivatives contracts on unregistered exchanges—The matter of a current CFTC enforcement movement.”

To raised understand how Congress Might assist tackle these considerations, the letter consists of eight questions for the chair. These questions ask the CFTC to estimate The measurement of the digital asset space as A complete and its US individuals, As properly as To match and distinction it to The conventional finance space. It additionally requests information on any collaboration the agency has with digital asset stakeholders and completely different enterprisees working To handle the enterprise and questions whether or not the Fee’s current authorities are enough To shield consumers Inside the digital asset space.

“The CFTC has a esdespatchedial position to play To Make constructive the integrity of digital asset markets,” said the letter. “Whereas A pair of Of those utilized sciences have the potential to modernize the monetary system, It is crucial that buyers are Shielded from fraud and abuse and that these markets are truthful and clear.”

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