It's Time for Clear Crypto Rules: EX SEC and CFTC Top Executives
Former SEC and CFTC chiefs call for clearer crypto rules to better protect investors and ensure fair trading
In a recent article, Jay Clayton and Timothy Massad, former heads of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) respectively, urged regulators to create clear rules for cryptocurrencies.
Clayton, who led the SEC from 2017 to 2020, and Massad, in charge of the CFTC from 2014 to 2017, said the current approach of just using enforcement actions is not enough to protect investors and maintain market integrity.
They suggest that the SEC and the CFTC should work together to develop basic standards for trading platforms, which are the main places where people buy and sell cryptocurrencies. They say these standards can be enforced directly by the institutions or by a self-regulating body like FINRA, which oversees brokerage firms.
Additionally, they advised that Congress should pass laws to clarify the roles and responsibilities of the SEC and CFTC in relation to cryptocurrencies and provide enough resources and money for these regulators.
