SEC and CFTC have requested funding from Congress to regulate the crypto terminal

The heads of two US regulators at once – the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) – addressed the US Congress with a request to increase funding for regulating the digital currency market. The texts of the statements are published on the official websites of the CFTC and SEC .

In particular, the heads of departments pointed to the need to improve the level of knowledge about blockchain technologies and cryptocurrencies.

For example, SEC Chairman Jay Clayton announced his intention to expand the staff to regulate “large securities market participants” and oversee the cryptocurrency industry. It should be noted that the department has already announced its intention to hire a legal consultant to develop a comprehensive plan for tokens with the properties of securities [security tokens].

In his speech, he also stressed that the SEC regards “digital assets, including cryptocurrencies, coins and tokens” as a high-risk investment.

CFTC Chairman Christopher Giancarlo said his department needs to deepen its knowledge in order to "conduct independent analysis of market data from various sources, including decentralized blockchains and networks, without relying on self-regulating organizations and market intermediaries."

He also noted that the Commission is awaiting new applications for the registration of clearing houses as a result of an explosion of interest in cryptocurrencies. With such a statement, he spoke before Congress before the Committee on Agriculture.

Recall that in April, the SEC and the CFTC issued a joint warning to investors about fraudulent websites that carry out advisory, investment and trading activities in the field of cryptocurrency.

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