US Congress Plans New Provisions for Cryptocurrency Derivatives Markets
The US Congress aims to pass a new bill deciding on data collection for digital commodities contracts and swaps.
The US Congress aims to pass a new bill deciding on data collection for digital commodities contracts and swaps.
The Commodity Futures Trading Commission’s (CFTC) clarified how all information can be accessed, helping efforts to fight manipulation and fraud in crypto markets. If the new bill is passed, it would be the first to place crypto set requirements onto the CFTC, which means that they must follow a higher set of guidelines.
The bill aims to have the CFTC comply with new rules detailing trade and trader data, including other information that the board of trade must be able to access. Congress sees this as the time to create smarter guidelines and regulations across all crypto-related trading and traders. In the US derivatives markets, there are more than 4 trillion USD of activity each day. If this were to become jeopardized, it would lead to an extreme problem for the economy and US citizens.
Regulation to ensure safety on all markets, including emerging crypto markets, is underpinning new approaches from congress in an attempt to close the gap in regulation between old and new financial markets.
The crypto markets are still small in comparison to traditional markets, however, without planning and new bills to support their growth, it seems unlikely the US government will allow citizens to become involved.
Image via Shutterstock
Image source: Shutterstock
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