US Commodity Futures Trading Commission to strengthen the review of bitcoin futures

nWalkout Commentary: J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), presented a list of factories in a meeting last week in Florida on Designated Market Contracts (DMCs) and Derivatives Clearing Organizations (DCOs) , To strengthen the agency’s review of cryptocurrency futures. However, Giancarlo said the CFTC will still not interfere with its current product self-certification process.n
nTranslation: Clovern
J. Christopher Giancarlo, chairman of the U.S. Commodity Futures Trading Commission, announced last week that it is in the process of developing a “scrutiny” of cryptocurrency futures but that it will continue to allow exchanges to self-certify products.n
According to a Reuters report, Giancarlo presented a checklist in a conference speech in Florida on Designated Market Contracts (DMCs) and Derivatives Clearing Houses (DCOs) for the purpose of listing cryptocurrencies on the exchange Assist supervisors in the regulation of new products.n
Just before the CFTC chairman made the remarks, the CFTC dealt with the global market of Cboe and the CME Group launched a bitcoin futures contract in December with some resistance. Afterwards, the Futures Industry Association (FIA) said it feared that it was very likely that it had to pay for outstanding Bitcoin futures contracts due to crypto currency fluctuations. The association said it was not fully integrated into the process and criticized the Commission for allowing its transactions to authenticate its futures products.n
The Giancarlo checklist calls for the DMC to set “Exchange Large Trader Reporting Threshold to 5 bitcoins or less.” In addition, the list also requires them to “sign information-sharing agreements with spot marketplaces to allow them to access trading and trader data” while maintaining communication with the CFTC on trading activities.n
According to Giancarlo, the CFTC will not interfere with the self-certification process except for such measures.n
He said:n
n”The CFTC’s current product self-certification framework is in line with the market-led innovation launch policy that has made the US-listed futures market enviable by the world. No matter what the market impact of Bitcoin futures is, I hope it will not hurt the long term Since the product self-certification process. “n
nOther people, including members of the U.S. Congress, are also scrutinizing the process.n
Yesterday, members of the Senate Agricultural Committee sent a letter to Giancarlo asking for information on the CFTC’s regulation of the market for bitcoin futures and options. The senator also specifically requested information on the Commission’s market surveillance and on the implementation of bitcoin volatility.n
The letter said: “U.S. taxpayers should be effectively protected from fraud, manipulation and abuse in the futures and options markets.” The CFTC plays a crucial role in protecting customers and markets from harm. “n

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