Crypto Self-Regulatory Organization is a Good Idea, Says CFTC Commissioner
Dima Zaitsev, Head of International PR at ICOBox, shares his view on the Commissioner’s proposal
Brian Quintenz, the commissioner of the United States Commodity and Futures Commission (CFTC), has recently expressed his view that it would be advisable for the market participants to establish their own self-regulatory body.
Clarifying his position, Quintenz stated that because do not fall within the CFTC’s exclusive jurisdiction (they are also subject to the US Security and Exchange Commision’s () oversight), he believes that crypto “platforms come together to form some type of self-regulatory structure where they can discuss, agree to, implement, and hopefully examine or audit.”
This new structure, if created, could resolve conflicts of interest, enforce the adherence to stricter professional ethics, monitor and take action against insider , and ensure liquidity, etc.
His remarks were delivered last week at the Bipartisan Policy Center panel. Another speaker at the panel, Hester Peirce, who is the commissioner and a long-time advocate for sensible , shared her view that the current of the industry is extremely convoluted and inadequate, but that the lack of is not a reason to reject exchange-traded funds (). As she has recently stated, the lack of comprehensive may provide certain freedom for the industry to evolve on its own.
“While the lawmakers are pondering how to reign the crypto industry in without impeding its evolution, it seems like self- is the best step that can be taken. As long as the market players are on the same page and are acting responsibly, there will be less work to do for the regulators,” says Dima Zaitsev, Head of International PR at ICOBox
Published at Thu, 21 Feb 2019 02:05:10 +0000
