The US Commodities and Futures Trading Commission (CFTC) seems to be considering a self-regulatory approach towards cryptocurrencies as commissioner Brian Quintenz has brought up the idea of self-regulation in a first. Quintez said that the members of the crypto community could create a self-regulatory structure during a Bipartisan Policy Center panel.
More specifically, Qunitenz believes that the US CFTC’s lack of crypto statutory oversight capability left some room for the cryptocurrency community for a self-regulatory effort. He believes that “platforms come together to form some type of self-regulatory structure where they can discuss, agree to, implement, and hopefully examine or audit”.
Quintenz hopes that such a self-regulatory organization can carry out necessary audits in areas of self-interest, business conduct, liquidity status and much more. However, he also poured cold water on the issue of CFTC or other regulator allowing the authority of such a body because he stated that “a self-regulatory organization is specifically chartered by the US Congress through the law”. So, while Congress remains undecided on the matter, it may be some time before we can see an actual regulatory effort from the crypto industry.
While CFTC is one of the few federal regulators that have been legally allowed to regulate the cryptocurrency space, it is good to see the one member believing in a self-regulatory effort similar to Japan’s successful one with the Japanese Virtual Currency Exchange Association (JVCEA).
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