Kristin Johnson of the United States Commodity Futures Trading Commission (CFTC) said there are many ways of handling cryptocurrencies in the country, but legislating through courts could provide a solid, if slow, path.
Speaking at the Blockchain Association’s Policy Summit in Washington, D.C. on Nov. 30, Johnson said the “best outcome” for corporate governance of crypto firms would be to have companies implement their own plans. She cited policymakers introducing reporting requirements for Binance as part of a $4.3 billion settlement with the crypto exchange.
We’re honored to welcome @CFTCjohnson to the #BAPolicySummit stage for our next session as she sits down with @GeorgiaQuinnEsq of @Anchorage pic.twitter.com/FpgQRjPZ0B
— Blockchain Association (@BlockchainAssn) November 30, 2023
According to the CFTC commissioner, Congress could also step in and provide clarification as to the definition of a security — one of the key points behind the U.S. Securities and Exchange Commission taking enforcement actions against crypto firms. At times, the CFTC and SEC have had seemingly inconsistent approaches to crypto enforcement depending on which assets the departments considered a security or commodity.
“If we rely on the courts we will get good guidance, but it won’t come quickly,” said Johnson. “We’ve been in these situations before with new financial technology, and we should trust in the legal system.”
Related: ‘Premier’ crypto cop CFTC reveals record-setting digital asset enforcement in 2023
Though the CFTC and SEC have both, at times, settled lawsuits with differ
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Author: Turner Wright
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