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Do Regulators Need a Hand From Congress to Police Virtual Currency Market?

February 9, 2018, The National Law Journal

Stephen Humenik is quoted by The National Law Journal in an article regarding questions raised by the Senate committee hearing on virtual currency. According to Humenik, the CFTC will have hearings itself, including its upcoming meeting for the CFTC’s technology advisory committee. He adds that “the CFTC traditionally has also held roundtables trying to determine what sort of regulations to issue, and you’ll definitely continue to hear chairman Giancarlo speak about these issues.”

Humenik says that the CFTC chair has done a good job at laying out what the agency’s jurisdiction is, adding that while the commission does have enforcement authority it does not have regulatory authority over spot markets, or markets where a commodity is expected to be delivered immediately. According to Humenik, the question from here will be: “Will Congress give that authority to them?”

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