chepicap.com
Today former CFTC chairman Timothy Massad released a report which ultimately is calling for the strengthening of cryptocurrency regulation. Reasons include the risks involved with retail investment, concerns over cyber-security, funding of crime, and more.
The report, titled "It’s Time to Strengthen the Regulation of Crypto-Assets," lays out several current issues with the cryptocurrency market and several proposed solutions. Generally, the solutions come in the form of various regulations that could give the CFTC or the SEC the power to oversee US exchanges and determine the legality of foreign exchanges.
The biggest risks layed out in the report are cyber attacks and illicit payments. The author feels there needs to be a way to protect consumers from losses due to major hacks on crypto exchanges and other cyber threats. Furthermore, there needs to be a way to track funds to make sure they aren't being funneled to international terrorism or other such criminality.
Ultimately the paper calls for the US congress to act:
"Congress should pass legislation providing the SEC (oralternatively the CFTC) with the au-thority to regulate the offering, distribution and trading of crypto-assets, including regulation of trading platforms, custodians (or wallets), brokers and advisors."
This is just one of many recommendations made, but the general sentiment is for the SEC or CFTC to have more oversight and control to enforce regulations. Seeing as the regulations aren't written yet, it is unclear how good or bad this may be for the crypto community, but the coming months should be quite telling.