
Despite his exposure to the potentials inherent in cryptocurrencies, many people are divided on the probable approach of Gary Gensler if he is finally affirmed as the new boss of the Securities and Exchange Commission.
The CFTC is an independent federal regulatory agency tasked with overseeing the U.S. derivatives markets.
The U.S. Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974, that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.
The Commodity Exchange Act (“CEA”), 7 U.S.C. § 1 et seq., prohibits fraudulent conduct in the trading of futures, swaps, and other derivatives. The stated mission of the CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation. After the financial crisis of 2007–2008 and since 2010 with the Dodd–Frank Wall Street Reform and Consumer Protection Act, CFTC has been transitioning to bring more transparency and sound regulation to the multitrillion dollar swaps market.
Despite his exposure to the potentials inherent in cryptocurrencies, many people are divided on the probable approach of Gary Gensler if he is finally affirmed as the new boss of the Securities and Exchange Commission.
Digital assets manager Bitwise has liquidated $9.3 million worth of XRP and reinvested in other assets. Hong Kong’s OSL has suspended the asset from its platform. This is done in response to SEC’s lawsuit against Ripple Inc.
Acknowledging that the guidance is necessary for protecting customers in the US, Coinbase added that the company hopes to help the commission achieve the goal.