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The Market Risk Advisory Committee (MRAC) of the US Commodity Futures Trading Commission (CFTC) held its first meeting with new members on September 28th. In her opening statement, Commissioner Christine N. Johnson, the commission’s sponsor, said that although it is for consideration, exhaustion Most of her time talking about digital assets.
This is the first MRAC meeting under Johnson’s leadership. She has spoken extensively in the crypto space, including the controversial Oki DAO case, the recent White House Inclusive Framework for the Responsible Development of Digital Assets, and the CFTC roundtable on non-intermediation held earlier this year. I outlined the actions of the CFTC.
Research, enforcement and new guidance can give market participants clarity and certainty, Johnson said. The cryptocurrency industry and traditional market participants would like to see a clear indication of the Commissions next steps, she added.
I am honored to participate in my first meeting as an official member.@CFTC‘s Market Risk Advisory Committee is tomorrow at 9:30 am.thank you very much@CFTC JohnsonFor including me in the discussion. https://t.co/JdR2Ni7Woe
Kristin Smith (@KMSmithDC) September 28, 2022
Johnson then turned his attention to the Digital Goods Consumer Protection Act of 2022 (DCCPA), introduced by Senate Agriculture Committee members Debbie Stabenow and John Boozman. The Senate Agriculture Committee monitors his CFTC. The bill expands the definition of goods in the Commodity Exchange Act to include digital goods and requires digital goods platforms to register with her CFTC, she noted.
In addition, DCCPA requires market participants to join the National Futures Association, a self-regulatory body for the derivatives markets. This allows customers to rely on her CFTC reparations program.
“It’s a cost-effective way for customers to file complaints against registrants without hiring an attorney or engaging in costly litigation or arbitration.”
In addition, Johnson said DCCCPA “has the potential to be transformative” in facilitating the participation of underrepresented and underrepresented communities in traditional financial markets.
RELATED: CFTC Classifies 34 Crypto and Forex Firms as Unregistered Foreign Entities
DCCPA is one of several bills in Congress to regulate digital assets. Others include the Lummis-Gillibrand Responsible Financial Innovation Act in the House and the Digital Commodity Exchange Act of 2022.
