CFTC commissioner Christy Goldsmith Romero argued that it was wrong for crypto exchanges to act on their own.
The U.S. Commodity Futures Trading Commission (CFTC) wants to have more control over the crypto industry. The regulator, along with the SEC, has recently focused on cryptocurrencies. Cryptocurrency exchanges, in particular, have entered the regulators’ radar. CFTC commissioner Christy Goldsmith Romero argued that it is wrong for crypto exchanges to self-certify the cryptocurrencies they list.
CFTC Commissioner Stuck in Crypto Exchanges Approval Process
CFTC commissioner Christy Goldsmith Romero stated that crypto exchanges have not received any confirmation in cryptocurrency listings. Romero found it wrong for exchanges to self-approve listings.
Calling exchanges, Romero demands that crypto exchanges not self-approve the products they will list and pass them through the regulator.
Arguing that the current process is not sufficient to ensure proper oversight, Romero also said;
“I urge Congress to refrain from allowing newly regulated crypto exchanges to self-certify products for listing, as part of the current process limiting CFTC oversight.”
In addition, Romero noted that it is critically important to create railings against regulatory arbitration. He argued that self-affirmation and listing should be banned. According to Romero, exchanges should work with regulators when making a listing.
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