Mr. Giancarlo has spoken during the US House of Representatives committee hearing on his agency’s upcoming budget. During his speech, US CFTC Chief said that global regulators cooperate to fight crypto fraud.
8 March, AtoZForex – Reportedly, the US financial markets regulators are in the process of working with their counterparts from abroad. The regulators are working together to fight the cryptocurrency fraud, according to the Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo.
US CFTC Chief Says Regulators Cooperate to Fight Crypto Fraud
Mr. Giancarlo has spoken during the US House of Representatives committee hearing on his agency’s upcoming budget. He has shared his views in regards to the issues of the International Organization of Securities Commissions (IOSCO). He also spoke about the regulatory practices in Europe.
The regulators’ collaboration has already seen the CFTC working with some of the local watchdogs like the Securities and Exchange Commission, The regulator has also worked with the officials in the Treasury Department. Earlier this year, the Treasury Department has described the work being done by a group as concentrated on the enforcement issues.
US Federal Judge Ruled Cryptocurrencies are Commodities
Mr. Giancarlo’s remarks come noteworthy, considering the proactive approach that has been adopted by a number of these agencies. The CFTC has also made news this week thanks to the US Federal Court decision in favor of CFTC’s ruling in regards to the cryptocurrency market.
The US Federal Judge has ruled out this Tuesday that cryptocurrencies like Bitcoin can be regulated as commodities by the US Commodity Futures Trading Commission (CFTC).
The US District Judge Jack Weinstein of Brooklyn has ruled that one of the key US financial markets regulators, the US CFTC, has the rights to bring a fraud lawsuit against New York resident Patrick McDonnell and Coin Drop Markets. Therefore, the case has been approved to go forward.
Back in 2015, the regulatory body has ruled out that virtual currencies are commodities. Mr. Weinstein has followed this ruling on Tuesday, stating that it was backed by the meaning of the word “commodity”. He has also noted that the CFTC has the flexibility to interpret the federal law regulating commodities.
Think we missed something? Let us know in the comments section below.