{"id":423441,"date":"2022-03-29T20:17:53","date_gmt":"2022-03-29T17:17:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cftc-looks-at-expanded-authority-to-regulate-crypto-for-less-than-a-10-budget-increase\/"},"modified":"2022-03-29T20:17:53","modified_gmt":"2022-03-29T17:17:53","slug":"cftc-looks-at-expanded-authority-to-regulate-crypto-for-less-than-a-10-budget-increase","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cftc-looks-at-expanded-authority-to-regulate-crypto-for-less-than-a-10-budget-increase\/","title":{"rendered":"# CFTC looks at expanded authority to regulate crypto, for less than a 10% budget increase"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a284c177dafc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a284c177dafc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cftc-looks-at-expanded-authority-to-regulate-crypto-for-less-than-a-10-budget-increase\/#%E2%80%9D_CFTC_looks_at_expanded_authority_to_regulate_crypto_for_less_than_a_10_budget_increase_%E2%80%9C\" >&#8221; CFTC looks at expanded authority to regulate crypto, for less than a 10% budget increase &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_CFTC_looks_at_expanded_authority_to_regulate_crypto_for_less_than_a_10_budget_increase_%E2%80%9C\"><\/span>&#8221; CFTC looks at expanded authority to regulate crypto, for less than a 10% budget increase &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMGUxZGU5N2ItYjdkZC00NTAwLTllMTItMzg2OWU2NWNlMDQ5LmpwZWc=.jpeg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The U.S. Commodity Futures Trading Commission, or CFTC, has released its Fiscal Year 2023 (FY2023) budget request, seeking $365 million. This marks a 9.9% increase over the previous year and 20% over FY2021. The commission regulates the country\u2019s derivatives market and has been increasingly active in recent years in policing financial products that incorporate cryptocurrencies.\u00a0<\/p>\n<p>According to the agency\u2019s request document, the CFTC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cftc.gov\/sites\/default\/files\/2022-03\/CFTC_FY_2023_President_Budget_Final_Web.pdf\">focuses<\/a> on digital asset custodian risk, ensuring secure storage, as well as on accounting. The agency has its own staff of certified public accountants due to the lack of guidance on digital asset accounting from sectoral oversight bodies. In addition, the agency ensures derivative clearing organizations \u201cemploy strong segregation of duty processes and procedures to safeguard against theft of the collateral from [their] employees,\u201d and it has extensive plans to increase educational efforts. <\/p>\n<p>The request was more modest than what commissioner Rostin Behnam had been angling for. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-09\/cftc-seeks-bigger-role-in-u-s-efforts-to-oversee-crypto-trading?sref=323RPL5z\">told<\/a> the Senate Agriculture Committee in February that his agency needed an additional $100 million and additional authority to regulate Bitcoin (BTC) and Ethereum (ETH), the cryptocurrencies the government treats as commodities.<\/p>\n<p>The CFTC now depends heavily on whistleblowers in its enforcement efforts. Behnam <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cftc.gov\/PressRoom\/SpeechesTestimony\/opabehnam21\">told<\/a> a Futures Industry Association audience this month that the agency had received over 600 tips since October, of which \u201ca large number allege cryptocurrency fraud, such as pump-and-dump schemes, refusals to honor requests to withdraw money, and romance scams.\u201d The agency <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8502-22\">announced<\/a> a $10 million whistleblower award on March 18.<\/p>\n<p>It seems likely the agency will receive more authority in the arena of digital assets. Senators Cynthia Lummis and Kristen Gillibrand have indicated that their bill on cryptocurrency regulation, when it is introduced, will include a prominent role for the CFTC, and a recent Government Accountability Office (GAO) report commented on the agency\u2019s limited authority.<\/p>\n<p>The president\u2019s FY2023 budget, announced Monday, foresees generating $11 billion in revenue over the next decade by modernizing the rules relating to digital assets. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ctfc-looks-at-expanded-authority-to-regulate-crypto-for-less-than-a-10-budget-increase\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; CFTC looks at expanded authority to regulate crypto, for less than a 10% budget increase &#8220; The U.S. Commodity Futures Trading Commission, or CFTC, has released its Fiscal Year 2023 (FY2023) budget request, seeking $365 million. This marks a 9.9% increase over the previous year and 20% over FY2021. The commission regulates the country\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":423442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMGUxZGU5N2ItYjdkZC00NTAwLTllMTItMzg2OWU2NWNlMDQ5LmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74858,74894,75422,74891,76653,75269,117,55229,70934,8575,42873],"class_list":["post-423441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-regulation","tag-blockchain","tag-cftc","tag-ethereum","tag-financial-derivatives","tag-us-government","tag-business","tag-law","tag-regulation","tag-usa","tag-white-house"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/423441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=423441"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/423441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/423442"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=423441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=423441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=423441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}