In the US, cryptocurrency platforms will be controlled twice as strictly

The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have approved a new reporting requirement for cryptocurrency platforms.

As it became known, the CFTC and the SEC will jointly monitor the activities of crypto companies, obliging hedge funds with more than $ 500 million in assets under management to report on the risks associated with digital assets. In this way, the US hopes to strengthen control over cryptocurrency platforms and minimize possible threats.

It is worth noting that information about crypto risks will not be publicized in the public space — companies will submit reports through PF forms, which are confidential.

However, not everyone supported the introduction of twice as much control over cryptocurrency platforms, including the regulators themselves. Thus, CFTC Commissioner Caroline Pham emphasized that the innovations provide too broad powers for regulators and may negatively affect the activities of companies. It was Pham who earlier noted that the SEC’s definition of several tokens as securities during the investigation against a former Coinbase employee could have serious consequences for the entire crypto industry.

Earlier, Gary Gensler, the chairman of the US Securities and Exchange Commission (who is being actively sought to be fired by crypto investors), suggested that more efforts should be made to control the trade in digital assets and that the SEC and CFTC should join forces. However, according to insider information, the agencies quarreled over the mandate to supervise crypto companies.

Thus, the CFTC reported that brokers, custodians, dealers, and businesses that trade in digital assets are required to register with the CFTC — otherwise, they face punishment. And the SEC is planning to check the activities of every cryptocurrency exchange operating in America.