CFTC Commissioner Christy Goldsmith Romero explained: the changes are needed because the new digital technologies that are gaining popularity have brought previously unaccounted for risks to the economy:
“Digital asset market risk management is paramount to U.S. financial stability. This is evidenced by the recent bank failures, followed by government actions taken for reasons of danger to other financial entities and broader negative economic impact. The CFTC intends to soon review the rules of regulatory oversight and risk management of participants in the crypto industry, including related to the volatility of crypto-assets.
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The Commission is now examining public opinion to reassess its governance framework in the following areas: business model risk with digital assets; cyber risk; partner risk; customer fund sharing and counterparty collateral security risk; financial and climate risk. According to the announcement, the CFTC is waiting for public comments and suggestions over the next 60 days.
Earlier, the CFTC sued
lawsuit against five Americans who promoted what officials said was a fraudulent cryptocurrency scheme called Icomtech.