Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: waybesuricata on December 05, 2021, 04:45:46 PM
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Key executives are set to be in the hot-seat when Congresswoman Maxine Waters (D-CA) Chairman of the House Committee on Financial Services chairs a hearing entitled: Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”
FTX has released a set of ten guiding principles to be used when drafting regulations on the crypto market. This follows an announcement made by Maxine Waters, chair of the House Committee on Financial Services, that executives from heavy-hitting crypto firms in the United States will be required at a hearing to discuss digital assets and the future of finance. The invited executives include FTX’s own Sam Bankman-Fried, Bitfury’s CEO Brian Brooks, Chad Cascarilla of Paxos, Denelle Dixon, chief executive of Stellar Development Foundation, and Alesia Haas, CEO of Coinbase Inc. The hearing is set to be held on Wednesday, Dec. 8, 2021.
FTX Proposals & Observations On Crypto Regulation
The blog post highlights the fragmented nature of securities and commodities regulation in the United States, where the SEC is responsible for regulating the cash securities marketplace, and the CFTC is the regulator of the commodity derivatives marketplaces, with a further regulatory distinction between security spot markets, where the SEC has regulatory oversight, and a commodity spot market, where the state has regulatory oversight. FTX proposes a unified rulebook that contains regulatory mandates for crypto spot trading and crypto derivatives trading, one risk program, and one technology stack. If there are two incumbent regulators, they propose that a crypto firm choose one of those players as a regulatory watchdog to oversee daily activities, and the other can have visibility into the firm’s operation without having jurisdiction over day-to-day activities.
FTX proposes that any regulations should address the pressing regulatory concerns, including customer protection, market integrity (i.e. no manipulation), crime prevention, and system safety and soundness, irrespective of the market structure.
Source and continuation of news: https://beincrypto.com/ftx-releases-regulatory-proposal-in-response-to-hearing-convened-by-u-s-congresswoman/