I hope that I am living proof that diversity outreach and leadership development programs *do* work—they are the kind of structural reforms that build a talent pipeline and has a powerful network effect. I wouldn’t be here otherwise—that’s why I’m paying it forward.
The CFTC should vigorously enforce the law and uphold the Commodity Exchange Act. This responsibility over our jurisdiction has been entrusted to us by the Congress and the American people. The CFTC must not break that trust, and we must remember whom we serve.
It’s critical to have an effective SRO like the NFA as a partner in the CFTC’s mission. I commend NFA for taking action now on spot digital asset commodity markets, including Bitcoin & Ether, to protect retail with this anti-fraud, conduct, disclosure & supervision rule.
It’s time to take action. I propose the first-ever U.S. pilot program for digital asset markets as a regulatory sandbox to test, gather data, & examine innovation. This creates a safe framework for new technologies & market structures under existing regulations & protections.
ENFORCEMENT NEWS: The CFTC ordered two California precious metals companies to pay more than $1 million for fraud, illegal offering of retail commodity transactions, and registration violations. cftc.gov/PressRoom/Pres…
“The #CFTC is a regulator with decades of experience in volatile energy markets under stress and has shown global leadership in developing appropriate policy responses.” Thanks @cftcmersinger for your leadership of the EEMAC!
@USTreasury released recommendations on crypto markets: Regulators should use existing authorities to issue guidance and rules to address risks, and should work collaboratively. I’ve said this all along, and I’m pleased to read this EO report. bit.ly/USTcrypto
My op-ed today with @HesterPeirce: Cooperation is essential to pragmatic #crypto regulation. We are calling on our agencies to hold a joint set of public roundtables in light of market events on how to regulate crypto responsibly. #CFTC#SEC
ENFORCEMENT NEWS: Today, the CFTC announced it filed charges against five entities for operating as unregistered futures commission merchants (FCMs). Get the details:
cftc.gov/PressRoom/Pres…
I’ve said since May 2022 that products on digital asset exchanges, including those involving trading stablecoins, may be derivatives within the CFTC’s jurisdiction. This action makes clear that “perpetual futures” can constitute swaps. A swap is a swap, even by any other name.
