{"id":342403,"date":"2021-09-22T00:31:19","date_gmt":"2021-09-21T21:31:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cftc-commissioner-agency-doesnt-have-enforcement-resources-without-congress\/"},"modified":"2021-09-22T00:31:19","modified_gmt":"2021-09-21T21:31:19","slug":"cftc-commissioner-agency-doesnt-have-enforcement-resources-without-congress","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cftc-commissioner-agency-doesnt-have-enforcement-resources-without-congress\/","title":{"rendered":"# CFTC commissioner: agency doesn\u2019t have enforcement resources without Congress"},"content":{"rendered":"

“# CFTC commissioner: agency doesn\u2019t have enforcement resources without Congress <\/strong>”
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Dan Berkovitz, one of three commissioners currently serving at the U.S. Commodity Futures Trading Commission, said while the agency is suited to futures contracts, swaps, and options trading, it would need additional resources to handle the cash market for crypto assets.<\/p>\n

Speaking at the Managed Funds Association Digital Assets Conference on Tuesday, Berkovitz said<\/a> the Commodity Futures Trading Commission, or CFTC, enforcement actions in the crypto space have been \u201caggressive,\u201d citing a $100 million civil monetary penalty against derivatives exchange BitMEX. Though he said the agency had the \u201ccapability and the expertise\u201d to further regulate crypto assets, it was currently unable to do so due to a \u201cresource issue.\u201d<\/p>\n

\u201cIf congress were to determine that our jurisdiction should be expanded to somehow regulate the cash market, we would really need additional resources to do that,\u201d said Berkovitz. \u201cCryptocurrency markets, we\u2019re not necessarily looking for more authority without more resources. We\u2019re staying in our lane.\u201d<\/p>\n

Berkovitz noted there was \u201ca lot of coordination\u201d between the agency, the Securities and Exchange Commission, Financial Crimes Enforcement Network, Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Department of the Treasury. The CFTC worked with the Financial Crimes Enforcement Network to settle the case against BitMEX, and has coordinated with the SEC to investigate trading app<\/a>s dealing in crypto. <\/p>\n

\u201cWe\u2019re all pretty familiar with the lanes that we go in,\u201d said Berkovitz, referring to the jurisdictions of the respective agencies. \u201cI think coordination is actually excellent.\u201d <\/p>\n

The CFTC commissioner also doubled down on his comments from June that decentralized finance platforms were likely illegal under the Commodity Exchange Act. According to Berkovitz, there was a \u201cspectrum of centralization\u201d around projects in the DeFi space that could make them subject to registration at the CFTC.<\/p>\n

Related: <\/em><\/strong>CFTC renewed: What Biden\u2019s new agency picks hold for crypto regulation<\/em><\/strong><\/p>\n

Five commissioners normally serve at the CFTC, but the agency has been shaken up by the departure of former chair Heath Tarbert in January and Brian Quintenz on Aug. 31. Berkovitz has also announced he plans to leave the commission on Oct. 15, leaving only acting chair Rostin Behnam and Dawn Stump.<\/p>\n

Earlier this month, President Joe Biden said he planned to nominate Behnam to assume his position on a permanent basis in addition to filling the remaining seats with law professor Kristin Johnson and former SEC enforcement division senior counsel Christy Goldsmith Romero. All must be confirmed by the Democrat-controlled Senate, but the White House has not yet announced a possible replacement for Berkovitz.<\/p>\n