íàçâàíèå

Crypto Regulator CFTC Chairman Takes Funding Cuts “Incredibly Personally”


The United States’ Commodity Futures Trading Commission (CFTC) has received a $1 million USD budget cut. The announcement has come following the CFTC Chairman, Christopher Giancarlo requested an increase in the regulator’s budget of 12 percent.


CFTC Request For Funding Increase Answered With Budget Cut

Crypto Regulator CFTC Chairman Takes Funding Cuts “Incredibly Personally”It has been reported that the Commodity Futures Trading Commission has received a $1 million dollar cut to its approximately $250 million budget. The agency appears to have taken significant offense to the funding cut – as the CFTC had originally requested a 12 percent increase to its funding, in which it hoped to secure $281.5 million in financial resources.

Congress’ decision to roll-back the regulator’s funding has been taken as a great offense by the institution. Erica Elliott Richardson, a spokeswoman for the agency, stated that the institution’s chairman, Christopher Giancarlo, “takes this budget decrease incredibly personally, and is currently meeting with our finance team to figure out a path forward for the agency.”

“We are absolutely astounded by the decrease in the CFTC’s budget,” Mrs. Richardson added.


SEC Funding Bolstered in Spite of CFTC Cuts

In the recent months, the Commodity Futures Trading Commission has increasingly sought position itself as a major regulatory force with the United States’ emerging cryptocurrency industry. The respective chairmen from the CFTC and the Securities and Exchange Commission (SEC), testified to a Senate Banking Committee regarding their perceptions of the risks and challenges posed by cryptocurrencies last month.

Despite the reduction of the CFTC’s funding, the United States Congress has granted the SEC a budget of $1.7 billion – roughly 3% more than was requested by the agency.

Brett Redfearn, the head of the SEC’s trading and markets division, recently advocated for an extension of the legislative apparatus surrounding the stock market – describing the crypto markets as currently exhibiting qualities of the “Wild West.” Mr. Redfearn stated, “I’m not sure all of the rules would translate over, but there are certainly principles that exist in that space that we have to then apply in some respect to what’s happening with crypto-asset trading.”


Need to calculate your bitcoin holdings? Check our tools section.

27.03.2018 / 21:00 32
The Axeman Cometh – U.S. Gov’t Cuts Bitcoin Futures Watchdog CFTC Budget The Axeman Cometh – U.S. Gov’t Cuts
Bitcoin futures watchdog, the CFTC, is “astounded” by Congressional budget plans which reduce their budget but increase spending for U.S securities
CFTC Moves to Cement Authority Over Crypto Fraud Cases CFTC Moves to Cement Authority Over
The Commodity Futures Trading Commission is moving quickly to assert its jurisdiction to police fraud in the cryptocurrency industry. Just two days
CFTC Ex-Chair: Crypto Bubble Wont Burst Without Set Regulations To Bring In Big Money CFTC Ex-Chair: Crypto Bubble Wont Burst
Ex-CFTC chairman turned crypto adviser Jim Newsome has forecast crypto markets continuing to grow until regulation is set in stone and big money is
US Regulators Working Together to Combat Crypto Fraud, Says CFTC’s Giancarlo US Regulators Working Together to
US regulators have begun to coordinate with their overseas counterparts to combat cryptocurrency fraud, Commodity Futures Trading Commission (CFTC)
CFTC's Giancarlo: US and Foreign Regulators Teaming Up on Crypto CFTC's Giancarlo: US and Foreign
U.S. regulators are working with their counterparts overseas to combat cryptocurrency fraud, Commodity Futures Trading Commission (CFTC) chairman J.
US Federal Judge: Bitcoin and Cryptocurrency Are Commodities US Federal Judge: Bitcoin and
For the first time, a federal judge has upheld that Bitcoin and other cryptocurrencies are commodities and thus subject to regulation by the U.S.
Comments (0)
Add a comment
Comment on