The mania has also gotten the attention of regulators at the Securities and Exchange Commission and the Commodity Futures Trading Commission. But both can only look on — perhaps in horror — at what is happening. Laws adopted decades ago give the two regulators little authority to engage in oversight of the burgeoning market in cryptocurrencies.
That may change if Congress can muster the political will to extend the oversight responsibilities of two agencies it has been rather hostile to in recent years. A better way may be to create a new agency — one that does not carry the baggage that the S.E.C. and C.F.T.C. do on Capitol Hill and that does not try to put the square peg of cryptocurrencies in the round holes of securities and commodities trading.
‘Enforcement 40’ for 2020
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