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US regulators want more Blockchain CFTC market surveillance funding

Amandeep Sonewane | Jun. 30, 2017
US regulators want more Blockchain CFTC market surveillance funding

Blockchain CFTC market surveillance funding needs more money, according to CFTC Chairman J. Christopher Giancarlo. Maybe, the US will legalize the cryptocurrency and adopt united regulations, just like some of these top countries where Bitcoin is legal?

30 June, AtoZForex – The US Commodity Futures Trading Commission (CFTC) chairman J Christopher Giancarlo wants an additional of $31.5 million funding for the market surveillance in an era of rapidly growing digital currency.

Blockchain CFTC market surveillance funding

The request by CFTC chairman J. Christopher Giancarlo request was sent to the US Senate Committee on Appropriations Subcommittee on Financial Services and General Government. Mr. Giancarlo said:

"Other breaking digital innovations present equal regulatory challenges like distributed ledger technology, more commonly known as blockchain, that will challenge orthodoxies that are foundational to today’s financial market infrastructure."

The US Securities and Exchange Commission is still eyeing to impose regulations to Blockchain companies engaged in ICO.

A challenge to the regulators

The regulators are facing a problem with the system in which these Blockchain companies are operating. Moreover, the decentralized nature of the cryptocurrency makes it difficult for the regulators to take decisions. The fluctuating prices, risks, and volatility of the cryptocurrencies make it difficult to get accepted as a global currency. Also, the regulators can only go after its third-party service providers which include wallet service providers and Bitcoin exchange platforms.

Also, the regulators can only go after its third-party service providers which include wallet service providers and Bitcoin exchange platforms.

The SEC is still unsure how to treat Blockchain networks and ICOs. Section 3(a)(1) of the Exchange Act defines an “exchange” as: 

“any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange.”

Moreover, the FY 2018 budget submitted by the Commission show the true needs of a policy setting. And the civil law enforcement agency that has the duty to secure the derivatives markets operate effectively. This funding will give the Commission the resources it needs to put in place and oversee liable regulations. Moreover, this may allow innovation and alter the cryptocurrency markets to remain competitive and safe at home and abroad.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.