CFTC Official: “Time to Take Action on Crypto”

Summer Mersinger, executive director of the US Commodity Futures Trading Commission (CFTC), spoke at the “Texas Blockchain Summit” event. The CFTC member spoke about the crypto regulations in the country that have been on the agenda in recent months. Mersinger stated that crypto regulations have covered most of their agenda in recent months, but so far they have been content with only collecting data. But Mersinger thinks now is the time to act on crypto regulation.

The CFTC official believes that the “state of uncertainty in authority” between them and the SEC for crypto regulation will clear up in the coming time frame. Mersinger referred to the reserves announced by the stock exchanges in recent days. The official explained that the open reserve system could become a standard with regulations.

“Real-time stock exchange reserves could be a standard. While we don’t want exchanges to disclose this every day, we can talk about specific time periods.”

U.S. President Joe Biden nominated Summer Mersinger as a candidate for the CFTC chairmanship in December 2021. Although Mersinger was a member of the Republican wing, his nomination caused controversy among the Democrats.

The fact that FTX, which is shown among the most reliable cryptocurrency exchanges, fell apart in two weeks drew the attention of policy makers to the crypto industry. Similar events experienced in the traditional finance wing in the past led to the establishment of tighter market control mechanisms by the states. For this reason, the bankruptcy of the FTX exchange may have accelerated the crypto regulation efforts around the world.