By Scott Galbraith
There have been many objections to crypto adoption, but it remains an innovative technology. Nevertheless, some regulatory bodies have taken a hardline approach toward crypto, citing its potential to replace traditional banking systems.
Drastic measures are being taken by the Commodity Futures Trading Commission (CFTC) as its enforcement actions have hit 82 since the start of this year, a significant milestone. Recently, it published its annual October 20 enforcement report.
The report reveals that over 20% of its enforcement decisions were targeted at the digital asset industry. In addition, the report shows that the CFTC issued $2.5 billion in fines for misconduct in the past year.
It is worthy of note that 18 out of the 82 enforcements were crypto-related. Ross Benham, chairman of the CFTC, expressed his pride in his organization’s accomplishments.
In his comments, Benham said, “Despite the uncertainties in the financial markets, the CFTC remains committed to a rigorous enforcement program.”
“Thus, we can ensure diligence in our oversight roles. Also, we remain committed to a regulation that is transparent, respectable, and competitive. Benham added, “The CFTC continues to actively employ all of its resources to keep an eye on the developments in the digital asset space.”
“This reflects in this FY 2022 enforcement report. In his concluding remarks, Benham appreciated the agency’s staff for their commitment and diligence.”
Cryptocurrency Market And Regulatory Agencies
With tighter regulation over cryptocurrencies, players in the industry need to be alert to the dangers they face in realizing the ethos of the technology behind these crypto projects.
Government agencies do not entirely support this innovative technology whose adoption could change the banking and finance sectors. Hence, it is no wonder global regulators keep releasing new laws to ensure the fiat money continuum and stifle crypto adoption.
However, the government can be forced to change its anti-crypto stance. The crypto players must improve public awareness about the benefits of cryptos and blockchain technology over the traditional finance system.