Washington ت debounce لفترة طويلة ما إذا كانت cryptocurrency هي مستقبل finances أو اتجاه. American entrepreneurs بنى أسواقًا تطورت أسرع من القواعد الحاكمة. Congress considered legislation to clarify crypto asset treatment، لكن فشل في إرسال bill إلى president.
Consequently، CFTC و SEC have statutory authority to establish a federal crypto regulatory market structure. Today، CFTC ي proposed its first round of regulations for crypto markets. Under prior administration، targeted agencies exchanges، custodians، و developers through enforcement而非 rulemaking.
This caused many firms، including Sam Bankman-Fried’s FTX، to flee to foreign shores. FTX imploded after founders fraudulently appropriated approximately $8 billion in customer funds for proprietary investments. Only after the firm failed did the CFTC and SEC charge FTX and its founders for wrongdoing.
FTX و منصات أخرى فشلت، مثل BlockFi و Voyager Digital، worked via state money-transmitter licenses. Unlike federal agencies، accommodated state agencies crypto intermediaries for over decade. However، state laws are intended for payment services، not financial markets historically regulated by CFTC و SEC.
Federal regulations require trading venues to meet stringent standards to deter manipulation، ensure transparent trading، prevent conflicts of interest، and safeguard customer funds. Most offshore و state-regulated FTX entities went bankrupt، لكن customer property held by its CFTC-registered subsidiary remained segregated and secure. The lesson should be obvious: America needs prophylactic rules that ensure both innovation and protection.
Instead، regulatory uncertainty became a defining feature. Following the Senate’s failure to advance the Clarity Act، the CFTC proposes rule-making concerning Regulation CT X و Regulation CAM. These would establish requirements for CFTC-registered exchanges offering crypto assets like bitcoin و ether.
Unlike the Clarity Act، these regulations would not require assets to trade on registered platforms without congressional action.
المصدر: Wall Street Journal Markets · لخّصه HeadlinesBriefing