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The recent Senate Agriculture Committee hearing shed light on potential changes in the US regulatory landscape for digital assets. There were discussions about the CFTC’s willingness to play a more significant role in regulating digital assets, potentially reducing the SEC’s jurisdiction in this area.
Collaboration Between CFTC and SEC
The importance of collaboration between the CFTC and the SEC was emphasized, with a focus on defining assets in ambiguous areas and the need for a cohesive system that aligns with the CFTC’s existing powers. Regulatory clarity and urgency were underscored, with an emphasis on the risks of fraud and manipulation if the CFTC does not gain the necessary authority.
- Defining assets in ambiguous areas
- Emphasizing the need for a cohesive system
Additionally, the need for adequate funding to support the establishment of a regulatory regime was highlighted. Behnam expressed the belief that a significant portion of the crypto market should fall under the CFTC’s purview, particularly emphasizing that a substantial majority of the market does not fit the classification of securities.
Potential Shift in Regulatory Landscape
These insights signal a potential shift in the regulatory landscape for digital assets in the US, highlighting the CFTC’s commitment to addressing regulatory gaps and ensuring investor protection.
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