The US-based independent supervisory and regulatory body CFTC wants to increase its powers in the crypto space.
The SEC, which feels the heavy pressure on cryptocurrencies, is heavily criticized by investors. In particular, the lawsuit between Ripple and the SEC highlighted the intensity of the pressures on crypto. Driven by the SEC’s repressive stance, the Commodity Futures Trading Commission (CFTC) is seeking greater jurisdiction over cryptoassets. Cryptocurrency investors have a positive outlook for the CFTC.
CFTC Concentrates on Cryptocurrencies
Feeling the support of the community behind it, the CFTC began to toughen its sanctions. The formation, which shared the annual application results the other day, looked at 82 enforcement cases. While fines of $2.5 billion were levied in these cases, only 18 cases were crypto-related.
The CFTC has taken only 20 percent action on crypto, which it wants to do and sees as its space. The organization, which wants to take a regulatory role in more cryptocurrencies, is striving to get a share of the SEC’s pie.
Ross Benham, the head of the regulator, said he was pleased with the results his organization reported. Sharing his views on the matter, Benham is proud that the organization is fined almost $1.5 billion each year. Referring to the CFTC’s annual budget of 240 million, Benham said that these criminal proceedings are a good return on investment.
Benham’s remarks made crypto investors, who viewed the CFTC as more moderate, skeptical. With its greed for enforcement and regulation, the organization may take a tougher stance from the SEC.
Speaking about the digital asset industry, Benham said;
This practice report shows that the CFTC continues to aggressively monitor the digital commodity asset markets with all available instruments. I would like to personally thank the hardworking and dedicated leadership team and staff of the Implementation Unit.
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