CFTC Meeting Hears Renewed Calls for Crypto Self-Regulation

CFTC Meeting Hears Renewed Calls for Crypto Self-Regulation

The prospect of Satoshi Nakamoto was not a Russian money launderer, but during the meeting organized by the Commodity Futures Trading Commission (CFTC) on Friday, that theory was briefly proposed.

The Technology Advisory Committee of CFTC (TAC) sub-committee can be able to protect the digital assets during the long hours session on cryptocurrencies, highlighting issues with investors’ assets, and how the regulator can be able to assist in that area. .

CFTC Commissioner Brian Quintenz opened a meeting with a brief overview of the sub-committee, which was formed in February, explaining how the session “can contribute to how CFTC, other regulators, spot platforms and market participants increase, There should be more discussion about this. The reliability and security of the market. ”

André McGregor of TLDR Capital said that in the last decade, billions of dollars of bitcoin from the crypto exchanges have been stolen.

He explained, “Consumers rely on hot wallet,” and some investors have installed hardware wallets and do other actions to save their holdings, many do not.

He referred to hacks from exchanges like Mt. Goex, Bitfinix, and even recent months such as last month’s $ 60 million of theft from zaif.

Richard Gorellic, Head of Market Structure in Trading firm DRW Holdings told the meeting that “smart regulation” can help in developing better practices for the protection of investors.

But this would only be a part of any comprehensive potential solution, he said.

He said, “One of the points raised in the sub-committee was that there is an opportunity for organized efforts of the industry to help fill some of these gaps.”

Alexander Stein, two Sigma investment managing director, said that improvement in exchange security would help regulators and investors.

“Achilles heel [Bitcoin] […] is an irregular world of exchanges where the exchange may this not be employing AML / KYC and if I can deposit bitcoin in some exchanges outside of the United States, [this is the game] ,” he said.

 

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