{"id":519368,"date":"2022-12-01T20:07:00","date_gmt":"2022-12-01T17:07:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-cftc-chief-calls-for-comprehensive-rules-to-head-off-another-ftx-collapse\/"},"modified":"2022-12-01T20:07:00","modified_gmt":"2022-12-01T17:07:00","slug":"crypto-cftc-chief-calls-for-comprehensive-rules-to-head-off-another-ftx-collapse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-cftc-chief-calls-for-comprehensive-rules-to-head-off-another-ftx-collapse\/","title":{"rendered":"#Crypto: CFTC chief calls for \u2018comprehensive\u2019 rules to head off another FTX collapse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a3012581ad75\" 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-6a3012581ad75\" 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\/crypto-cftc-chief-calls-for-comprehensive-rules-to-head-off-another-ftx-collapse\/#%E2%80%9CCrypto_CFTC_chief_calls_for_%E2%80%98comprehensive_rules_to_head_off_another_FTX_collapse%E2%80%9D\" >&#8220;Crypto: CFTC chief calls for \u2018comprehensive\u2019 rules to head off another FTX collapse&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-cftc-chief-calls-for-comprehensive-rules-to-head-off-another-ftx-collapse\/#Congress_probing_FTX_meltdown_but_next_steps_unclear\" >Congress probing FTX meltdown, but next steps unclear<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-cftc-chief-calls-for-comprehensive-rules-to-head-off-another-ftx-collapse\/#Robert_Schroeder\" >Robert Schroeder<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCrypto_CFTC_chief_calls_for_%E2%80%98comprehensive_rules_to_head_off_another_FTX_collapse%E2%80%9D\"><\/span>&#8220;Crypto: CFTC chief calls for \u2018comprehensive\u2019 rules to head off another FTX collapse&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Congress_probing_FTX_meltdown_but_next_steps_unclear\"><\/span>\n  Congress probing FTX meltdown, but next steps unclear<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap crawler\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001437006\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001437006\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       The chairman of the Commodity Futures Trading Commission on Thursday made a plea for more rules governing the crypto industry, as lawmakers are probing what went wrong at the crypto exchange FTX. <\/p>\n<p> \u201cIf we are going to ensure that FTX and the other firms that are subjecting customers to billions in losses are <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriately regulated and held accountable, we need to act promptly to apply a comprehensive regulatory regime,\u201d CFTC Chairman Rostin Behnam said in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.agriculture.senate.gov\/imo\/media\/doc\/The%20Honorable%20Rostin%20Behnam%20Testimony.pdf\" class=\"icon none\">testimony prepared for delivery to a Senate Agriculture Committee hearing<\/a>.  <\/p>\n<div class=\"paywall\">\n       <strong>Now read:<\/strong> The Sam Bankman-Fried roadshow rolls on: 10 crazy things the FTX founder has just said<\/p>\n<p>The agriculture committee\u2019s chairwoman, Sen. Debbie Stabenow, has authored legislation that would give the CFTC regulatory power over the crypto industry. Sam Bankman-Fried, who has resigned as the chief executive of FTX, was a supporter of the legislation.   <\/p>\n<p>The hearing \u201cwill be crucial to assessing the future of this legislation and whether it still has the similar, strong bipartisan support it did prior to the recent crisis,\u201d Beacon Policy Advisors wrote in a note on Monday. <\/p>\n<p>With crypto largely unregulated, there\u2019s fierce debate in Washington about which agency should oversee the industry. Some consumer advocates, as the Washington Post noted earlier this week, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/business\/2022\/11\/28\/sam-bankman-fried-ftx-cftc\/?utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=wp_main\" class=\"icon none\">say the CFTC is too lenient and less prepared than the Securities and Exchange Commission to police digital currencies<\/a>. The SEC\u2019s chairman, Gary Gensler, has called the Stabenow bill \u201ctoo light touch.\u201d<\/p>\n<p><strong>Opinion:<\/strong>\u00a0Win or lose, crypto investors find a reason to remain all-in \u2014 \u2018nobody wants to get rich slow,\u2019 advisers say <\/p>\n<p>Stabenow, a Michigan Democrat, defended her bill at the hearing, saying it was \u201cdesigned to prevent\u201d situations like the FTX blowup. Sen. John Boozman, an Arkansas Republican who co-sponsored the measure, said he remains committed to advancing it and that the CFTC is the \u201cright agency\u201d to regulate digital commodities. Boozman told reporters in an interview, however, that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theblock.co\/post\/191197\/bankman-fried-backed-bill-to-feature-in-congress-first-ftx-hearing\" class=\"icon none\">he doesn\u2019t expect the bill to move until next year<\/a>.<\/p>\n<p>The bill does not appear to be in for smooth sailing in a divided Congress. Stabenow\u2019s fellow Democrat, Sen. Elizabeth Warren of Massachusetts, told Semafor this week that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/12\/01\/2022\/dems-crypto-bullshit\" class=\"icon none\">the CFTC \u201chas no experience in investor protection which makes them the worst possible candidate for regulating a financial product that has been used to rip off millions of people.\u201d<\/a> And Rep. Patrick McHenry, the North Carolina Republican set to chair the House Financial Services Committee next year, said in a statement to the same publication: \u201cThe actions of FTX and Alameda Research should also serve as a warning to Congress that we cannot allow this industry to pick its own regulator.\u201d   <\/p>\n<p>Behnam at the hearing bristled at the notion that his agency was lenient, saying: \u201cwe\u2019re the farthest thing from a light-touch regulator.\u201d <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>The CFTC chairman told lawmakers that he met with Bankman-Fried or his staff 10 times over the past 14 months, to discuss an FTX proposal about crypto derivatives trading. That application was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8626-22\" class=\"icon none\">pulled on Nov. 11<\/a>.    <\/p>\n<p>Thursday\u2019s hearing is one of at least two scheduled on the FTX debacle. On Dec. 13, the House Financial Services Committee is planning its own hearing on the FTX collapse\u2019s consequences for digital assets.  <\/p>\n<p>FTX\u2019s bankruptcy has hit an already battered crypto market, sending bitcoin<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/108573962\/realtime\" class=\"negative\">-0.78%<\/bg-quote><br \/>\n       prices to a two-year low.   <\/p>\n<p>In addition to FTX, a number of major players in crypto have collapsed this year, including blockchain Terra, hedge fund Three Arrows, broker lender Celsius, and\u00a0most recently BlockFi. Earlier this year, FTX extended a $400 million credit facility to BlockFi, with an option to acquire the digital-asset lender for $240 million.<\/p>\n<p><em>Frances Yue contributed to this article.<\/em><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Robert Schroeder\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/robert-schroeder\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/mktwrobs\",\"text\":\"@mktwrobs\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:rschroeder@marketwatch.com\",\"text\":\"rschroeder@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Robert_Schroeder\"><\/span>Robert Schroeder<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"171_MW\" author-name=\"Robert Schroeder\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fcftc-chief-calls-for-comprehensive-rules-to-head-off-another-ftx-collapse-11669906985%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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><\/p>\n<\/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\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C06575-04D4-B545-715E-D4E67F3F9C80%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Crypto: CFTC chief calls for \u2018comprehensive\u2019 rules to head off another FTX collapse&#8221; Congress probing FTX meltdown, but next steps unclear The chairman of the Commodity Futures Trading Commission on Thursday made a plea for more rules governing the crypto industry, as lawmakers are probing what went wrong at the crypto exchange FTX. \u201cIf we&#8230;<\/p>\n","protected":false},"author":1,"featured_media":519369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-561622\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-519368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/519368","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=519368"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/519368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/519369"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=519368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=519368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=519368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}