The last act of the year is likely to be a congressional hearing on the FTX collapse to take place Dec. 13.Goldsmith Romero proposed more active regulation and monitoring of cryptocurrency exchanges under existing authority.
"At a minimum, heightened supervision would include frequent examinations, and heightened focus on cybersecurity, conflicts of interest, and a safety and soundness financial review," she said. "Despite my multiple requests, the CFTC has not implemented heightened supervision." She also announced her intention to seek comment on separating wealthy individuals from average people in the crypto markets, to create two tiers of retail investors.
She noted that fewer and fewer investors are going through brokers who might otherwise warn them away from putting too much into instruments that are too risky. "I support suitability determinations to ensure that products and terms are safe and affordable based on a customer’s risk profile," she said.
'Victim' will do nicely, I suspect. 😬
interesting. I hope the government focuses on risk to the financial system vs regulating economic freedom. a buyer beware mindset is a much better tool than regulating how people spend their $ or take on risk. let it play out ...failure is a great teacher
The only way to regulate cryptos is to BanCrypto 🤓
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