CTFC wants Congress to ban exchanges from certifying tokens

Christy Goldsmith Romero, Commissioner of the US Commodity Futures Trading Commission, issued a statement regarding cryptocurrencies. She asked Congress to consider banning self-certification of tokens by cryptocurrency exchanges.

She spoke at a conference held at the University of Pennsylvania, which was dedicated to the American bankrupt exchange FTX. According to her, the current system, according to which cryptocurrency platforms can conduct self-certification of digital assets, does not provide US residents with a sufficient level of security.

According to her, the US Commodity Futures Commission should have special oversight regarding this topic:

I call on Congress to prohibit newly licensed cryptocurrency trading platforms from certifying products for listing themselves. It is important to set a framework against regulatory arbitrage here.

At the moment, cryptocurrency exchanges do have the possibility of self-certifying cryptocurrency assets. Some people think that this is the normal order of things, and some people, like Christie Goldsmith, think that this is unacceptable and regulation should intervene in this process and put things in order.

According to Goldsmith, exchanges that enable trading in digital assets should primarily focus on the standards of the Commodity Futures Trading Commission base. She also believes that at the moment the verification of cryptocurrency exchanges is not carried out comprehensively and requires improvements in the system. According to the chairman of the CFTC, such things can lead to situations that we could see last year. According to Christie Goldsmith, only in this case, the cryptocurrency industry will be able to fully restore investor confidence.