The CFTC commissioner said that they are facing a lack of resources to handle and regulate the Crypto Cash Market perfectly.
In the present time U.S. Commodity Futures Trading Commission ( CFTC) is responsible to regulate the crypto market’s futures, derivatives & options trading operations in the US. But the CFTC commissioner says that they can do better.
Dan Berkovitz, Commissioner of CFTC, speaking at the Managed Funds Association Digital Assets Conference on Tuesday, talked about their problems. Dan said that the enforcement action by CFTC is really aggressive and they also give better results. They took reference of the BitMex penalty fine and said that they can do even more better by regulating the cash market of crypto trading but they are facing lack of resources which is not possible without congress.
According to Dan, if Congress want to expand CFTC jurisdiction then they have to provide resources instead of authorities
“If congress were to determine that our jurisdiction should be expanded to somehow regulate the cash market, we would really need additional resources to do that….Cryptocurrency markets, we’re not necessarily looking for more authority without more resources. We’re staying in our lane.”
Dan also explained why they don’t need authority by giving reference to better coordination and cooperation with the other agencies like the Securities and Exchange Commission, Financial Crimes Enforcement Network, Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Department of the Treasury.