A commissioner from the Commodity Futures Trading Commission (CFTC) has called on Congress to stop allowing cryptocurrency exchanges to “self-certify” and list tokens without oversight.
CFTC commissioner Christy Goldsmith Romero told an audience at a Jan. 18 University of Pennsylvania event focused on FTX that the current process wasn’t adequate to ensure proper oversight, saying:
“I urge Congress to avoid permitting newly-regulated crypto exchanges to self-certify products for listing, under the current process that limits CFTC oversight.”
“It is critical to institute guardrails against regulatory arbitrage, and that includes prohibiting the use of the self-certification process,” she added.
Currently, crypto exchanges can “self-certify” their product’s safety before listing unless the CFTC blocks the listing within 24 hours.
CFTC Commissioner Christy Goldsmith Romero Source: Twitter
She said this process used to list products