At the DC Blockchain Summit, Summer Mersinger, Commissioner of the US Commodity Futures Trading Commission, stated that the CFTC and SEC must collaborate to establish a framework for the classification of digital tokens.
In the words of Kristin Johnson, another Commissioner of the US Commodity Futures Trading Commission, legal terms are crucial to the market, and “exceptionally critical to the market participants knowing what their obligations responsibilities are, as well as to the agencies actually understanding the limitations of their enforcement authority, the limitations of their ability to bring certain types of activities and conduct within the purview of our oversight.”
Japan was the first country to establish a regulatory framework for cryptocurrencies in 2016. During the DC Blockchain Summit, Mersinger and Johnson discussed the importance of a global regulatory relationship. Commissioner Mersinger emphasized the unique role of the CFTC in harmonizing its rules with international regulations, stressing the need for “global harmony.”
Commissioner Johnson recalled her conversations with UK regulators at a London conference about the need for understanding each other’s jurisdictions. After FTX filed for bankruptcy, Johnson engaged in conversations in the UK on how to establish a regulatory framework, but the challenge is to address the rapid innovation and determine what happens in case of bankruptcy. Johnson added, “what’s maybe a lot shocking is the short timespan that we’ve seen some firms move through.”
The DC Blockchain Summit’s dominant theme in the panel discussion was the global conversation on how to restore trust after the worst year in the crypto industry.
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