CFTC Official Says Crypto Winter Is Warn Of Increased Market Risk
Another Commodity Futures Trading Commission (CFTC) official is advocating for greater regulatory authority over cryptocurrency markets.
In a speech yesterday in New York, CFTC commissioner Christy Goldsmith Romero warned of rising contagion risk in cryptocurrency markets. She stated:
“The vulnerabilities seen during this beginning of what some call the ‘crypto winter’ warn of growing intra-market risks, with parallel themes seen in 2008.
Just as regulators could not see the true exposures or risk in 2008 due to unregulated companies and products, we cannot see that today with unregulated crypto markets.”
Her remarks alluded to the financial crisis, partially exacerbated by opaque swaps markets, while highlighting disastrous market occurrences such as the collapse of stablecoin TerraUSD and private fund Three Arrows Capital.
The commissioner acknowledged that the crypto business is still very tiny, but he predicted that expanding linkages between crypto and trading will increase the dangers to the wider financial system.
While she suggested that the United States should not hurry legislation, she did mention the CFTC as a solution for dealing with the industry’s risk.
Goldsmith Romero’s comments come amid the CFTC’s desire for more regulatory power over cryptocurrency marketplaces. The CFTC is gaining traction in Congress as the key regulator for cryptocurrency trading, with numerous measures granting the CFTC power over the spot market – or the marketplaces where real tokens move between investors.
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.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
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CFTC Official Says Crypto Winter Is Warn Of Increased Market Risk
Another Commodity Futures Trading Commission (CFTC) official is advocating for greater regulatory authority over cryptocurrency markets.
In a speech yesterday in New York, CFTC commissioner Christy Goldsmith Romero warned of rising contagion risk in cryptocurrency markets. She stated:
“The vulnerabilities seen during this beginning of what some call the ‘crypto winter’ warn of growing intra-market risks, with parallel themes seen in 2008.
Just as regulators could not see the true exposures or risk in 2008 due to unregulated companies and products, we cannot see that today with unregulated crypto markets.”
Her remarks alluded to the financial crisis, partially exacerbated by opaque swaps markets, while highlighting disastrous market occurrences such as the collapse of stablecoin TerraUSD and private fund Three Arrows Capital.
The commissioner acknowledged that the crypto business is still very tiny, but he predicted that expanding linkages between crypto and trading will increase the dangers to the wider financial system.
While she suggested that the United States should not hurry legislation, she did mention the CFTC as a solution for dealing with the industry’s risk.
Goldsmith Romero’s comments come amid the CFTC’s desire for more regulatory power over cryptocurrency marketplaces. The CFTC is gaining traction in Congress as the key regulator for cryptocurrency trading, with numerous measures granting the CFTC power over the spot market – or the marketplaces where real tokens move between investors.
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.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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