US regulators require more funding for crypo regulation

Posted 10 May, 2019

The US regulatory authorities have reportedly asked the US Congress to expand funding of the cryptocurrency regulation. The requests were made in the speech before the US Congress by the heads of US Securities and Exchange Commission and Commercial Futures Trading Commission.

The authorities (SEC and CFTC) has released the reports on their official websites. In the documents, the regulators cited the need to improve knowledge background regarding blockchain and cryptocurrencies.

In particular, SEC Chairman, Jay Clayton expressed intentions to hire more employees that will deal with the regulation of large securities market players as well as monitor crypto segment.

"Staff compensation is the largest portion of our budget, and the most critical in order for the SEC to stay competitive in retaining and recruiting top talent whose skills and expertise provide them with many employment choices," reads the statement.

His colleague, the head of CFTC Christopher Giancarlo said that they need a wider knowledge base, which will enable the authority to perform independent market review using different sources, including decentralized blockchains "without being reliant on self-regulatory organizations and market intermediaries".

During his message, Christopher Giancarlo also noted that CFTC was expecting more applications for clearinghouse licenses on soaring crypto interest.

"The Commission anticipates new applications for DCO registration resulting from the explosion of interest in cryptocurrencies; an area in which protection of the cryptocurrencies will be one of the highest risks," he mentioned.

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