CFTC looks at expanded authority to regulate crypto, for less than a 10% budget increase

CFTC looks at expanded authority to regulate crypto, for less than a 10% budget increase

The U.S. Commodity Futures Trading Commission, or CFTC, has released its Fiscal Year 2023 (FY2023) budget request, seeking $365 million. This marks a 9.9% increase over the previous year and 20% over FY2021. The commission regulates the country’s derivatives market and has been increasingly active in recent years in policing financial products that incorporate cryptocurrencies. 

According to the agency’s request document, the CFTC focuses on digital asset custodian risk, ensuring secure storage, as well as on accounting. The agency has its own staff of certified public accountants due to the lack of guidance on digital asset accounting from sectoral oversight bodies. In addition, the agency ensures derivative clearing organizations “employ strong segregation of duty processes and procedures to safeguard against theft of the collateral from [their] employees,” and it has extensive plans to increase educational efforts.

Our top trading bots

The request was more modest than what commissioner Rostin Behnam had been angling for. He told the Senate Agriculture Committee in February that his agency needed an additional $100 million and additional authority to regulate Bitcoin (BTC) and Ethereum (ETH), the cryptocurrencies the government treats as commodities.

The CFTC now depends heavily on whistleblowers in its enforcement efforts. Behnam told a Futures Industry Association audience this month that the agency had received over 600 tips since October, of which “a large number allege cryptocurrency fraud, such as pump-and-dump schemes, refusals to honor requests to withdraw money, and romance scams.” The agency announced a $10 million whistleblower award on March 18.

It seems likely the agency will receive more authority in the arena of digital assets. Senators Cynthia Lummis and Kristen Gillibrand have indicated that their bill on cryptocurrency regulation, when it is introduced, will include a prominent role for the CFTC, and a recent Government Accountability Office (GAO) report commented on the agency’s limited authority.

The president’s FY2023 budget, announced Monday, foresees generating $11 billion in revenue over the next decade by modernizing therules relating to digital assets.

Read on here Cointelegraph
US Bitcoin mining firm turns to harmful coal waste for cleaner energy
Stronghold Digital Mining (SDIG), a crypto mining company in Pennsylvania, is turning waste from old power plants into energy to power hundreds of Bitcoin...
Bitcoin's got 3 strikes, but investors remain calm despite price drop
After Bitcoin (BTC) faced its third consecutive rejection, investors became more confident in adding altcoin positions. For the leading cryptocurrency,...
Honey, I orange-pilled the kids! BTC children's authors on learning about money
Bitcoin is for everyone. That includes teenagers, children, toddlers and even newborns.When these kids grow up, they’ll use the Bitcoin (BTC) protocol,...
Clever NFT traders exploit crypto’s unregulated landscape by wash trading on LooksRare
LooksRare made its debut on Jan.10 and the recently launched NFT marketplace has drawn a lot of attention, not only because its daily trade volumes were...
China’s state-run news agency to launch NFT collection
In an announcement made on Wednesday, China’s official Xinhua News Agency will issue its first series of nonfungible token (NFT) collectibles. The move...
Voyager Digital will be crypto brokerage partner for National Women's Soccer League
Crypto trading platform Voyager Digital has inked a deal with the National Women's Soccer League, or NWSL, aiming to provide players crypto education and...
The Taliban will never understand crypto, according to founder of LEARN Afghanistan
Pashtana Durrani, the founder of an organization working to make education available to women and girls across Afghanistan as the country remains under...
Altcoins breakout even as Bitcoin price falls to $60,000
Today Bitcoin (BTC) price and Ether (ETH) price pulled back to lower support levels after an exciting week that saw BTC soar to a new all-time high after...
Nomura offers customers token subscription service for a luxury Italian restaurant
Japan’s largest financial brokerage, Nomura Holdings Inc., has launched a subscription service offering customers the opportunity to purchase and trade...
'Surveillance state': Australian police given sweeping new hacking powers
Sweeping legislation allowing officials from the Australian Federal Police and Australian Criminal Intelligence Commission to target suspected criminals...
Facebook ‘definitely looking’ at NFTs, says exec
As Facebook now finalizes the development of its proprietary cryptocurrency wallet, Novi, the social media giant could soon be supporting nonfungible tokens...
Argo Blockchain receives $20M Bitcoin-backed loan from Galaxy Digital for Texas mining facility
Galaxy Digital has issued a $20 million loan to United Kingdom-based crypto mining company Argo Blockchain for building a data center in West Texas.In a...
‘Say something, Elon Musk!’ Dogecoin sheds $70B in market cap since SNL
Dogecoin (DOGE), Elon Musk's pet favorite cryptocurrency, has shed tens of billions of dollars in value since he publicly plugged it on mainstream TV.As...
Supply chains reimagined: Enterprise DeFi finances personal protective equipment
Supply chain management has historically been challenging due to issues, such as increased costs, consumer demands, financial risk, volatility and much...
Pantera Capital CEO Says Bitcoin Will Come Back to its Highs in a Few Weeks
After a week of drastic, preferably downward, gyrations, the king of all cyber assets ought to take precedence, reaching top rates, within the following...