CFTC Commissioner Says Crypto Regulation Must Evolve With Tech Or Investors Pay The Price
September 12, 2023 4:51 PM | 2 min read
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Commodity Futures Trading Commission Commissioner (CFTC) Commissioner Christy Goldsmith Romero has suggested that regulators need to update their protection measures with technological advances. She goes on to add that the inability to do the same is likely to impact the crypto investors.
Amid all the uncertainties surrounding the crypto sector, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) prices are likely to close Tuesday in the green.
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Also Read: SEC Chair Gensler Calls Crypto A ‘Field Rife With Fraud, Abuse And Misconduct’
Speaking at the North American Securities Administrators Association’s annual meeting in San Diego, California, Romero said that as regulators make policy decisions on nex-gen technology, it is most important to understand the technology and its impact on the financial sector.
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For the CFTC’s Technology Advisory Committee (TAC), Romero has picked technology experts in fintech, responsible artificial intelligence, cryptocurrency, blockchain, and cybersecurity. CFTC experts are being asked to identify ways to install Know Your Customer (KYC) and Anti-Money Laundering (AML) processes into decentralized finance and crypto investment avenues.
Also Read: Yet Another Crypto Scam, Thai Authorities Take Five Into Custody For $27M Fraud
As reported by the Coin Telegraph, Romero added, “Tracing funds, tracing crypto, using the blockchain, using link analysis, using social media, and data analytic tools should all be in a regulators’ tool kit.”
Romero also put forward the idea of forming a National Financial Fraud Registry, a centralized record of all crimes and fines related to financial fraud, something she first suggested in December 2019. Such a platform could help investors avoid financial fraud and raise safety levels.
Meet and engage with transformative Fintech business leaders and investors at Benzinga’s exclusive event – Fintech Deal Day. Tickets are going fast – get yours!
Now Read: Yet Another Crypto Scam, Thai Authorities Take Five Into Custody For $27M Fraud
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