Crypto news

CFTC wants to tighten control over cryptocurrencies

U.S. Commodity Futures Trading Commission (CFTC) executives believe that amid a rise in the number of cryptocurrencies, the supervisory body is obliged to step up regulation of digital assets.

CFTC head Rostin Behnam, in a video message at the Chainalysis Inc. conference, promised that the regulator will step up efforts to address fraud and manipulation related to cryptocurrency:

“Headlines about losing tens of millions of dollars in digital assets due to protocol exploits, phishing attacks, hunting careless users and other fraudulent and manipulative schemes have become all too common.”

The official noted that the agency filed 23 cases related to cryptocurrencies last fiscal year, nearly half of the total number of reported malicious acts related to digital assets since 2015. According to Behnam, about two-thirds of the total number of crypto-fraud lawsuits were filed in the past two and a half years.

Behnam urged members of the crypto industry to abide by the law and work together to identify and stop abusers before a crime occurs:

“I’ve said many times that cryptocurrency markets have unique characteristics that would benefit from regulatory oversight.”

Related Posts

Leave a Reply

Your email address will not be published.