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CFTC Commissioner Mersinger Says the Time has Come for Action on Crypto Regulation
Chris Krimitsos
November 23, 2022
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The commissioner said Congress may have to intervene in relations between the regulating agencies, but both have a role to work out; until then the burden is on the states.
COINTELEGRAPH
United States Commodity Futures Trading Commission (CFTC) commissioner Summer Mersinger suggested that the time to act on cryptocurrency regulation may have arrived. Speaking at the Texas Blockchain Summit on Nov. 18, Mersinger considered what it may take for effective crypto regulation in the United States.
“Lately it’s probably been 70-80% of what we talk about,” Mersinger said of crypto. “We are clearly in a situation where we need to stop, we need to gather the facts, we need to understand what’s happening…to move policy ahead.”
Mersinger saw forward movement in the process. “We are getting to the point that maybe we are past the education stage and now it’s the action ,” she said. “But it’s an interesting political question because it isn’t partisan issue.” Read More
U.S. Treasury Secretary Janet Yellen speaks with Securities and Exchange Commission Chair Gary Gensler during a meeting with the Treasury Department's Financial Stability Oversight Council at the U.S. Treasury Department on Oct. 03, 2022 in Washington, DC. | Anna Moneymaker/Getty Images
The oversight gaps that allowed for the disastrous failure of FTX underscore the deep risks of trading on unregulated digital currency exchanges.
The epic collapse of FTX and founder Sam Bankman-Fried’s investment empire has left Washington officials scratching their heads: Why didn’t U.S. regulators stop this mess before it took down the crypto market?
There wasn’t much they could do, according to more than a half-dozen interviews with regulators, lawmakers, lawyers and other compliance experts. The Bahamas-based exchange’s offshore location and sprawling corporate structure made it a difficult target for the federal agencies tasked with protecting investors from fraud and manipulation. Read More
COINTELEGRAPH
The SEC instituted administrative proceedings against American CryptoFed to determine the issuance of a stop order which would retract its registration and bar sales of in-house tokens, Ducat and Locke.
American CryptoFed DAO, the first decentralized autonomous organization (DAO) to get legal recognition in the United States, is at risk of losing its registration after the United States Securities and Exchange Commission (SEC) dug up anomalies in the Form S-1 registration statement dated Sept. 17, 2021.
The Wyoming Secretary of State’s office recognized American CryptoFed as a legal entity in July 2021, at a time when the organization’s CEO, Marian Orr, believed that “Wyoming is arguably the top blockchain jurisdiction in the world.” Read More
AFP VIA GETTY IMAGES
Bitcoin and cryptocurrencies have come under unprecedented scrunity in the aftermath of the collapse of major crypto exchange FTX.
Calls for stricter regulatory controls have grown to a cacophony over the last week as the amount of money thought to have been lost by FTX and its sister company Alameda Research reaches eye-popping levels and threatens to engulf the wider crypto market.
Now, following the latest gathering of the Group of 20 (G20) industrialized countries in Indonesia, the leaders of the attending countries called the need for international rules to govern the fast-growing bitcoin and crypto space "critical" and said potential risks to "financial stability" needed to be mitigated. Read More
Analytical Data
The FTX/Alameda bankruptcy documents reveals that FTX lent out $2.3 Billion dollars to SBF himself
Alameda was secretly exempted from FTX's auto-liquidation protocols.
Bitcoin is being taken off exchanges
💰 History of #Bitcoin lost on exchanges
Florida Politics
House Speaker Paul Renner Legislative Vision Takes Shape
COLIN HACKLEY
With the Legislature’s Organization Session coming Tuesday, House Speaker-designate Renner has been rolling out his structural vision for the House this week.
He named Rep. Chuck Clemons as Speaker Pro Tempore and Rep. Michael Grant as Majority Leader for a second two-year term. Plus, House members will no longer need to file individual bills for appropriation projects to ensure they’re placed in the budget process, according to the incoming Speaker’s new proposed rules.
The Palm Coast Republican is also out with the committee structure for the new Legislative Term. Gone is the Pandemics & Public Emergencies Committee, and say hello to the Infrastructure Strategies Committee.
Events
Crypto News Heard Around the State
Tampa News
BlockSpaces, a Web3 infrastructure platform, announced the release of its first multiweb application (mApp), designed to bridge Web3 protocols with Web 2.0-based software. The mApp, called Bitcoin Invoicing & Payments, provides businesses with a seamless way to handle bitcoin transactions with their customers. It's the first application to integrate QuickBooks with the ultra-fast Lighting Network. Read More
A new report by the examiner of bankrupt crypto lender Celsius Network details shortfalls in controls and operations at two of the company’s product offerings related to digital assets it held in custody for customers, raising issues of whether and how these users can get reimbursed. Read More
Miami News
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