CFTC continues to explore digital asset policy considerations in MRAC meeting

The United States Commodity Futures Trading Commission, or CFTC, was part of discussions on a regulatory framework for digital assets, as well as use cases for blockchain technology.

At a March 8 meeting of the CFTC's Market Risk Advisory Committee, commissioners, regulators and industry representatives were scheduled to discuss "critical policy considerations" as part of the commission's efforts to develop a regulatory framework for digital assets. Additionally, industry leaders including Uniswap Labs CEO Hayden Adams and Chainalysis Global Director of Public Policy Caroline Malcolm were part of a panel focused on DeFi, distributed ledger and blockchain use cases.

“In keeping with the MRAC's historic role in delivering unique or unprecedented reports and recommendations, we look forward to furthering the Commission's focus on specific recommendations to address climate-related risks in our markets and providing recommendations for the regulation of digital asset markets. ,” saying CFTC Commissioner Kristin Johnson in prepared remarks.

Johnson added:

“Our economy is a digital economy. Global financial markets are indisputably dependent on the Internet and the Internet of Things (IOT). Now we are witnessing the deployment of Web 3.0”.

Today @CFTCjohnson delivered a keynote address to the Market Risk Advisory Committee Meeting. Read it prepared: https://t.co/laAMDaRlMN

—CFTC (@CFTC) March 8, 2023

Along with the US Securities and Exchange Commission, the CFTC has been behind some of the recent lawsuits against high-profile figures in the crypto space. the commission has accused former FTX executives Nishad Singh and Sam Bankman-Fried on charges related to commodity fraud. Former Alameda Research CEO Caroline Ellison and former FTX CTO Gary Wang face similar charges but have consented to a stay of CFTC civil cases.

Related: CFTC Chief Hopes New Congress Will Act On Crypto Regulation

Balancing the burden of digital asset regulation in the United States could be a point of contention between federal agencies and lawmakers in the current session of Congress. House representative Tom Emmer introduced legislation intended to limit the authority of the Federal Reserve in issuing a central bank digital currency, while the SEC also has moved against Paxos on the Binance USD token.