CFTC Concentrates On Outreach As Demand For Digital Assets Among Underprivileged Communities Rises

Commissioner Kristin Johnson stated during a recent roundtable session that the US Commodity Futures Trading Commission (CFTC) sees a need to expand investor education and outreach as the market for digital assets grows and experiences downturns.

“We must increase investor education and outreach to empower consumers and contemporaneously combat illicit activity and safeguard the integrity and stability of our financial markets,” Johnson said last week during an event focused on digital assets organized by the CFTC’s Office of Minority and Women Inclusion (OMWI) among others in the commission. 

The discussion provided policymakers with the most recent opportunity to debate cryptocurrencies from the perspective of financial inclusion, with a particular emphasis on issues like investor protections for underprivileged groups and the development of laws to better serve such communities. Participants also talked on innovation, policy, and regulation related to digital assets.

CFTC to conduct a study on how digital assets affect diverse populations

The bipartisan Digital Commodities Consumer Protection Act of 2022 was also discussed at the discussion (DCCPA). The measure, if passed, would require the CFTC to conduct a study on how digital assets affect “diverse populations,” among other things.

The Federal Reserve Bank of Kansas City’s June 1 report, which “indicates that historically underserved groups have higher levels of participation in the crypto-investment community than the investment communities for traditional financial products,” was also mentioned in the CFTC commissioner’s prepared remarks.

“The CFTC must maintain high standards of enforcement and educational outreach to protect retail participants in the cryptocurrency market — a group that includes greater representation of younger and diverse investors,” Johnson’s prepared remarks said. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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