Mersinger feels crypto regulation is needed
Zach Anderson Nov 18, 2022 22:22
Commissioner Summer Mersinger suggested that the time to act on cryptocurrency regulation may have arrived. "We are getting to the point that maybe we are past the education stage and now it's the action [stage]," she said. She dissented from the commission's treatment of Ooki DAO, calling it regulation by enforcement. Real-time proof of reserves may be part of digital asset regulation in the future.
Summer Mersinger, a commissioner of the United States Commodity Futures Trading Commission (CFTC), expressed her belief that the time may have come to take action on the regulation of cryptocurrencies.
On November 18, while presenting at the Texas Blockchain Summit, Mersinger pondered the potential requirements for successful crypto legislation in the United States.
Mersinger saw that the process was moving in the right direction. " We are getting to the point where maybe we are beyond the education stage and now it is time for action," she added. "We are getting to the point that maybe we are past the education stage.However, due to the fact that it is not a party issue, it is an intriguing political matter. " Mersinger proceeded by saying that the CTFC and Securities and Exchange Commission will ultimately iron out their differences about jurisdiction. She said that there is a place for both of them; the challenge now is to find out how to make it work.
In the future, regulation of digital assets could include a need for real-time evidence of reserves. We don't make that request every day, but we have the ability to. Related: US regulator brags in new report about how "aggressively" they are policing crypto While this is going on, According to what Mersinger had to say, "unless there is some decision at the federal level, the states are the first line of defence." "Sometimes in Washington, we forget that the states were the initial players and regulators in this arena, and that they continue to play an essential role even now.
It's terrible, in my opinion, since a lot of the time we forget about the states while having a dialogue.
In December, Republican Mersinger was put up by President Joe Biden as a candidate for a seat on the CTFC.
She called the commission's treatment of Ooki DAO regulation by enforcement, and she voiced her disagreement with that approach.
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