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The U.S. CFTC is planning to expand cryptocurrency regulation using a Nasdaq surveillance system.
BlockBeats News, August 27th, according to TheBlock, the U.S. Commodity Futures Trading Commission (CFTC) today issued a statement stating that it will expand cryptocurrency regulation by adopting Nasdaq's surveillance system to protect the market from fraud, abuse, and manipulation. If Congress passes the legislation currently under consideration in both houses, the CFTC's role in cryptocurrency regulation could be significantly expanded.
CFTC Acting Chairman Caroline Pham stated that the new surveillance system will provide the agency with automatic alerts and "cross-market analysis" capabilities, including access to comprehensive order book data to support real-time analysis and decision-making to prevent and detect abuse in both traditional and crypto asset markets. The CFTC is also gearing up for the growth of the cryptocurrency market. Earlier this month, the CFTC launched the "CryptoSprint" initiative, focusing on cryptocurrency futures trading and the recommendations put forward by the President's Working Group on Financial Markets.
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