CTFC looks at expanded authority to regulate crypto, for less than a 10% budg...
The agency’s $365 million proposed FY2023 budget includes significant allocation for CPAs and whistleblowers. The U.S. Commodity Futures Trading Commission, or CFTC, has released its Fiscal Year 2023 (FY2023) budget request, seeking $365 million. This marks a 9.9% increase over the previous year and 20% over FY2021. The commission regulates the country’s derivatives market and has been increasingly active in recent years in policing financial products that incorporate cryptocurrencies. According to the agency’s request document, the CTFC focuses on digital asset custodian risk, ensuring....
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Europe’s banking sector regulator is worried it won’t manage to find the specialized personnel needed for the oversight of the EU’s attempt to regulate the crypto market. The authority is also concerned over the lack of clarity regarding which digital assets it’s supposed to supervise. Banking Watchdog Faces Staffing Problems Threatening Its Ability to Regulate Crypto in EU Retention of talent for anything crypto-related is a “major concern,” the man who chairs the European Banking Authority (EBA), revealed in an interview. The deficit applies to....
The U.S. Internal Revenue Service (IRS) says it needs congressional authority in order to obtain the information needed to regulate cryptocurrency. “We get challenged frequently and to have a clear dictate from Congress on the authority for us to collect that information is critical,” IRS Commissioner Charles Rettig said. IRS Says It Needs More Authority to Collect Crypto Data IRS Commissioner Charles Rettig said Tuesday during a Senate Finance Committee hearing that the IRS needs more authority to do its job in regulating cryptocurrency. He said: I think we need congressional....
"We’re not necessarily looking for more authority without more resources," said Dan Berkovitz in regards to crypto markets. Dan Berkovitz, one of three commissioners currently serving at the U.S. Commodity Futures Trading Commission, said while the agency is suited to futures contracts, swaps, and options trading, it would need additional resources to handle the cash market for crypto assets.Speaking at the Managed Funds Association Digital Assets Conference on Tuesday, Berkovitz said the Commodity Futures Trading Commission, or CFTC, enforcement actions in the crypto space have been....
Federal Reserve Board chair Janet Yellen told Congress last week that the Fed has no authority to regulate Bitcoin. “Bitcoin is a payment innovation that’s taking place outside the banking industry,” Yellen said in response to Senator Joe Manchin’s questions about the cryptocurrency. “To the best of my knowledge there’s no intersection at all, in any way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate. So the Fed doesn’t have authority to supervise or regulate Bitcoin in anyway.” The day before, Manchin had written to various governmental....
Janet Yellen Source: United States Federal Reservce. In response to a letter sent yesterday from West Virginia Senator Joe Manchin [D] (which warned that Bitcoin could be used by criminals and could also disrupt the U. S. economy), Chair of the Board of Governors of the Federal Reserve System Janet Yellen has responded: and the long and short of it is that the Federal Reserve can't really do anything about it. "Bitcoin is a payment innovation that's taking place outside the banking industry. To the best of my knowledge there's no intersection at all, in any way, between Bitcoin and banks....