US Mulls Regulating Bitcoin Under Rules for Commodities
The US Commodity Futures Trading Commission (CFTC) has announced that it is investigating whether it has the authority to regulate bitcoin and other digital currencies, Reuters reports. "We are looking into that," Mark Wetjen, the CFTC's acting chairman, said at an industry conference. "It's been initiated, there's been an internal discussion at the staff level." The CFTC, which regulates the swaps and futures market, is studying whether bitcoin falls under the same rules as commodities markets, according to Wetjen. He said: "I think people [within the CFTC] believe there's a pretty good....
Related News
PricewaterhouseCoopers thinks blockchain will add $1.7 trillion to the global economy while the G20 mulls CBDCs.
In October, using new techniques and new cyber weapons, attackers disrupted several major websites all over the U.S. As a result, legislators have been hearing calls for regulating the Internet of Things (IoT). In fact, the Chair of the National Republican Congressional Committee has shown an openness to regulating IoT devices. IoT Devices Pose Risks to....
The European Union is preparing to set up an anti-money laundering agency to coordinate national supervisory authorities. According to a media report based on EU documents, the bloc also plans to impose new rules to increase transparency for cryptocurrency transfers. Europe Steps Up Anti-Money Laundering Efforts on Union Level In response to calls for enforcement of anti-money laundering (AML) rules throughout Europe, the European Commission is likely to propose the establishment of a new Anti-Money Laundering Authority (AMLA). According to documents seen by Reuters, the agency should....
The director of licensing and head of the fintech unit of Hong Kong’s Securities and Futures Commission (SFC) has confirmed that the regulator is considering allowing retail investors to invest directly in crypto assets. “We’ve had four years of experience in regulating this industry … We think that this may be actually a good time to really think carefully about whether we will continue with this professional investor-only requirement.” SFC Director on Crypto Regulation in Hong Kong Elizabeth Wong, director of licensing and head of the fintech unit of Hong....
Former CFTC chairman Christopher Giancarlo argued that the CFTC is the only U.S. regulatory agency that has experience regulating markets for Bitcoin and crypto. Amid the United States Securities and Exchange Commission (SEC) expanding the scope of oversight of the cryptocurrency industry, a commissioner with the Commodity Futures Trading Commission (CFTC) argued that crypto regulation doesn’t fall under the SEC’s jurisdiction.CFTC commissioner Brian Quintenz took to Twitter on Wednesday to declare that cryptocurrencies like Bitcoin (BTC) should be regulated by the CFTC rather than the....