The article examines recent market turbulence and how it has renewed debate over federal regulation of crypto. It suggests that the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) should keep regulating crypto assets and activities under existing law, and the CFTC needs exclusive authority over the spot market in new legislation. The article notes that the CFTC has the advantage, (1) citing recent enforcement actions; (2) it's an efficient change given the CFTC's existing plenary jurisdiction over derivatives trading involving virtual currencies; and (3) that as a principles-based regulator, the CFTC is best-situated to respond most rapidly to changes in technology and practices to ensure maximum customer protection.
"This Is How the SEC and CFTC Should Regulate the Crypto Markets," Bloomberg Law, December 1, 2022
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