Biden’s CFTC Nominees Call for More Powers to Police Crypto

Source: American Banker

President Biden’s four nominees to join the Commodity Futures Trading Commission told lawmakers that the main U.S. derivatives overseer should take on new responsibilities regulating cryptocurrencies.

At their confirmation hearing before the Senate Agriculture Committee on Wednesday, the nominees said the agency’s history overseeing crypto derivatives positions it well to do more to oversee digital assets.

There’s an ongoing debate in Washington over which regulators should oversee digital tokens. The CFTC’s current role is limited to oversight of derivatives based on Bitcoin and Ether, as well as investigating fraud or manipulation in underlying markets.

Meanwhile, Securities and Exchange Commission Chair Gary Gensler has garnered attention for suggesting that most tokens fall under his agency’s tough investor-protection rules — a position that industry executives reject.