CFTC commissioner: Crypto exchanges shouldn’t ‘self-certify’ tokens
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A commissioner from the Commodity Futures Trading Commission (CFTC) has called on Congress to stop allowing cryptocurrency exchanges to “self-certify” and list tokens without oversight.
CFTC commissioner Christy Goldsmith Romero told an audience at a Jan. 18 University of Pennsylvania event focused on
SEBA Hong Kong’s managing director Ludovic Shum told Cointelegraph during an interview this week that the fall of FTX could have easily happened in any other industry.
“At the end of the day, it goes back to the trust regarding the checks and balances […] It was just unfortunate that it happened in this fast-growing area of the crypto world where it could have easily happened to banks, securities, houses, asset managers,” said Shum.
Meanwhile, Lachlan Feeney, Founder and CEO of blockchain development agency Labrys said the industry needs more oversight, not necessarily regulation to prevent another disaster.
“The FTX scandal didn’t happen because of a lack of regulation. FTX operated [allegedly] illegally; disregarding the existing regulations rather than capitalizing on an absence of regulation.”
“There should probably be more oversight to stop unscrupulous players and activity before situations escalate, but we don’t need masses of new regulation and red tape that deters innovation. We need clarity on the existing regulations,” he said in a statement to Cointelegraph.
