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US House and Senate Agriculture Committees Request Information on Digital Assets from the CFTC
Summary: The US House and Senate Agriculture Committees sent a letter to the chair of the Commodities Futures Trading Commission(CFTC) requesting more information on digital asset marketplaces, according to the Block. The Senate confirmed CFTC chair Rostin Benham on Dec. 15. The Agriculture Committees are asking Benham to report on the growth of the crypto industry and determine ...
The US House and Senate Agriculture Committees sent a letter to the chair of the Commodities Futures Trading Commission(CFTC) requesting more information on digital asset marketplaces, according to the Block.
The Senate confirmed CFTC chair Rostin Benham on Dec. 15. The Agriculture Committees are asking Benham to report on the growth of the crypto industry and determine how empowered the CFTC is to step in when that growth endangers consumers. The letter details the CFTC's history with crypto, also reiterates that the CFTC is empowered to bring enforcement actions against digital asset marketplaces through the Commodity Exchange Act.
It details specific risks in the space, asserting that there has been an uptick in consumer reports of losses to crypto scams. The letter also points out that decentralized finance (DeFi) protocols present an opportunity for more frictionless services, but regulators have yet to fully address the risks DeFi presents.
By Amy Liu
Tags: CFTC,Digital Assets
Link: US House and Senate Agriculture Committees Request Information on Digital Assets from the CFTC [Copy]
