U.S. Senator Cory Booker, leading negotiations on major crypto market legislation, stated that the White House’s promises amid rising concerns are insufficient. He emphasized that successful regulation of the cryptocurrency industry requires Democratic appointments to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The crypto market has rapidly expanded in recent years, prompting global discussions on oversight. In the U.S., the SEC and CFTC are the primary agencies attempting to regulate cryptocurrencies under financial laws, but their differing views on whether cryptocurrencies qualify as securities or commodities complicate legislation. Booker urged lawmakers to expedite appointments to both commissions to establish clear and effective rules for the crypto market. Without this, the likelihood of passing a crypto bill diminishes, posing challenges for industry growth and consumer protection. Recent market volatility and numerous financial fraud cases underscore the need for robust legislation to restore investor confidence and ensure financial stability. In the coming months, Congress and relevant agencies will further deliberate to develop comprehensive laws improving cryptocurrency usage and oversight.
Source: decrypt
