A US Commodity Futures Trading Commission (CFTC) commissioner has asked Congress to stop letting cryptocurrency exchanges “self-certify” and list tokens without supervision. The head of the CFTC, Christy Goldsmith Romero, said, “I’m urging Congress not to let newly regulated crypto exchanges self-certify products for listing under the current system, which makes it harder for the CFTC to keep an eye on things.”
The sudden closure of the cryptocurrency exchange FTX in November has put more pressure on regulators and lawmakers in the United States to improve their oversight of the sector. Also, the failure of FTX shows that the CFTC needs to keep a closer eye on platforms in the U.S. that want to list cryptocurrency assets.
Goldsmith Romero says that these groups “should have seriously questioned the operational climate at FTX in the months before it fell apart.” FTX declared foreclosure in November after mismanaging and misplacing customer funds.
“The digital asset market has some work to do if it wants to reclaim public trust,” she continued.
Some people who follow the cryptocurrency business have maintained that the reasons for FTX’s downfall shouldn’t be related to the digital asset market or a lack of government oversight.
