US lawmakers are asking Commodity Futures Trading Commission Chairman Michael Selig to quickly fill empty commissioner positions as the agency gets ready to take on much bigger responsibilities for overseeing crypto.
In a letter signed by both parties, members of the House Agriculture Committee warned that the CFTC is now working with only one commissioner, making it unprepared for the increasing demands of overseeing digital assets.
This effort comes as Congress moves forward with new laws that could give the CFTC more power over spot crypto markets. Lawmakers said having a full five-member commission would lead to stronger and fairer rules and lower the chance of legal challenges to future regulations.
Compared to the SEC, which has over 4,000 employees, the CFTC now has only about 543 workers. Officials think this difference could cause problems if the agency gets broad new powers over digital commodities trading.
The letter also pointed out ongoing legal fights about prediction markets and rules for decentralized software, which could get more difficult without a full leadership team.
The debate shows a bigger change in US crypto policy under the Trump administration, which has been more friendly to the industry while trying to create clearer rules for digital assets.
Supporters think giving the CFTC more power could give crypto businesses more certainty, while critics worry it might leave investors less protected.
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