SEC and CFTC ask Congress to increase financing for cryptocurrency market regulation

  •   The US regulators increas focus on cryptocurrency market regulation.
  • The heads of the SEC and CFTC says they need money to hire experts and educate people.

The heads of the two financial regulators in the US applied to Congress with the request to increase financing allotted for cryptocurrency market regulation.  Both the chairman of the US Securities and Exchange Commission Jay Clayton and the chairman of the Commodity Futures Trading Commission Christopher Giancarlo pointed out that it is necessary to provide adequate education on blockchian technologies and cryptocurrencies to increase the general level of knowledge in this sphere. 

Thus, Mr. Clayton said that the SEC considered increase personnel to regulate large participants of the securities market and cryptocurrency industry oversight. Earlier, the authority announced the decision to hire a legal advisor to create a comprehensive approach to regulating tokens with the features of traditional securities (so-called security tokens). 

Also, he emphasised that the SEC considered digital assets including cryptocurrencies, tokens and coins as a high-risk investments.

Meanwhile, the head of CFTC  said that this agency needed to extend knowledge to be able to perform independent market analysis using data from various sources including decentralized blockchains and networks instead of relying on self-regulatory organizations and market intermediaries. 

He also noted that the company expected a new wave of applications for clearing houses due to increased interest towards digital currencies. 

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