The U.S. Commodity Futures Trading Commission (CFTC) is tackling the issue of cryptocurrency fraud head-on. According to CFTC Commissioner Christy Goldsmith Romero, cryptocurrency cases account for around 20% of the agency’s portfolio. The CFTC has recently taken civil action against the exchanges Binance and FTX, and is seeking greater authority from lawmakers to oversee spot crypto markets.
Goldsmith Romero warned crypto companies not to view the CFTC as a “light touch regulator”, and emphasized that the agency is taking the issue of fraud seriously. The CFTC has filed a complaint against Binance and its founder Changpeng Zhao, and is accusing FTX and its founder Sam Bankman-Fried of causing the loss of more than $8 billion in customer deposits.
The CFTC is working hard to ensure that cryptocurrency fraud is addressed and that investors are protected. It is clear that the agency is taking the issue seriously and is committed to ensuring that the crypto industry is regulated and safe.