• CFTC Commissioner Kristin Johnson made a speech at Duke University calling for Congress to expand the CFTC’s authority to review crypto acquisitions.
• Johnson highlighted the need for regulation to ensure financial resource requirements, effective governance and risk management controls.
• Johnson’s speech follows the collapse of FTX, an example of why the current regulatory framework may not be enough to prevent the next crypto crisis.

On Wednesday, CFTC Commissioner Kristin Johnson gave a speech at Duke University, urging Congress to expand the agency’s authority to review crypto acquisitions. Johnson’s speech follows the collapse of FTX in November, and highlights the need for a regulatory framework that can prevent another crypto crisis.

Johnson’s speech focused on the need for regulation to ensure financial resource requirements, effective governance and risk management controls, and to formalize the obligation to separate customer property. She specifically drew from the example of LedgerX, advocating for legislation that would require firms to have a minimum 10% share of the equity interest in a CFTC-registered market participant.

The Commissioner noted that the current regulatory framework, including antitrust legislation, may not be enough to prevent the next crypto crisis. She emphasized that, while the CFTC has done its best to protect customers, it needs to be able to review crypto acquisitions in order to protect the public.

In conclusion, Johnson urged Congress to act quickly and pass legislation that would give the CFTC the authority to review crypto acquisitions. She highlighted the importance of preventing another crypto crisis, and expressed hope that the agency would be able to better protect the public with expanded authority.

– Rep. French Hill (R-Arkansas) is the chair of the newly formed Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion.
– Hill has stated that one of the top priorities for this committee will be the creation of legislation to regulate stablecoins.
– Hill also plans to pursue the creation of a federal privacy statute, which is important for digital asset regulation.

The United States House of Representatives has created a new subcommittee, the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, to oversee the regulation of digital assets and financial technologies in the United States. Rep. French Hill (R-Arkansas) has been appointed as the chair of this important subcommittee, and he has made it clear that one of the top priorities of the committee is to create legislation to regulate stablecoins.

Hill has stated that the committee will use its stablecoin draft as a model for how it will approach digital asset regulation moving forward. This draft will aim to provide clarity on which agency, the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), will seek explicit oversight over digital assets. Hill has also indicated that the committee would also be pursuing the creation of a federal privacy statute, which is important for digital asset regulation.

In addition to regulating stablecoins, the subcommittee is also tasked with providing guidance on how to safely and responsibly use digital assets. This includes providing guidance on how to handle digital assets such as cryptocurrencies, in order to ensure that they are used safely and securely, and in the best interests of all parties involved. Additionally, the subcommittee will be looking into how to develop policies and regulations to ensure the proper oversight of digital assets, while also protecting consumers and investors.

Furthermore, the subcommittee will look into how to develop and promote financial technologies that are beneficial to society, and that help to create a more equitable and inclusive system. This could include looking into how to use blockchain technology to streamline financial processes, and how to promote financial education and inclusion for those who are traditionally underserved by the mainstream financial system.

The establishment of this subcommittee is an important step towards the regulation of digital assets in the United States. With Rep. Hill at the helm, the committee will look to provide the necessary guidance and oversight to ensure that digital assets are used safely and responsibly, and that the best interests of all parties involved are protected.