20% of All CFTC Cases Are Crypto Related
In the cryptocurrency space there are currently two regulators fighting over the authority to supervise the cryptocurrency markets - one being the Commodity Futures Trading Commission (CFTC) and the other - the Securities and Exchange Commission (SEC).
Most people in crypto are well aware that the SEC wants to be the main authority regarding the regulation of virtual assets. On the other hand, the CFTC also wants the same level of regulatory power, since that would lead to strengthening the control over certain financial instruments and more opportunity for extra income for the institution.
As it seems, the CFTC is getting the upper hand in the “turf war” between the two regulatory bodies.
In 2022, their Division of Enforcement (DOE) had 82 enforced actions with 18 of them related to crypto – which is about 20% of all the CFTC cases for the year, according to a report.
Commissioner Rostin Benham said:
This FY 2022 enforcement report shows the CFTC continues to aggressively police new digital commodity asset markets with all of its available tools.
CFTC have engaged in overseeing failures of registering a futures commission merchant (FCM), a designated contract maker (DCM) and swap execution facility (SEF).
The commissioner also stated that the CFTC is ready to regulate the cryptocurrency space and they are already working on becoming a suitable, fully financed structure for the process.
Garry Gensler, chief of the SEC, shared that he agrees the CFTC should be the entity that will regulate Bitcoin (BTC) and other “non-security” tokens. As most of the community knows, the SEC is claiming that most cryptocurrencies are securities and they immediately fall under their jurisdiction. However, both Gensler and the commission will take a big hit if Ripple proves their case and wins in court.