In a recent speech at Duke University, CFTCjohnson called on Congress to expand the CFTC’s authority to look into the financial health and corporate governance of any firm that wishes to buy or invest in a CFTC-regulated company. cheyenneligon reports
on Wednesday, Commodity Futures Trading Commission Commissioner Kristin Johnson formally called on Congress to modify several pieces of proposed digital asset legislation to expand the U.S. agency’s authority to conduct due diligence on any firm – foreign or domestic – seeking to purchase a minimum 10% share of the equity interest in a CFTC-registered market participant.
Behnam and Johnson have used the example of FTX to demand expanded authority for their agency to oversee the crypto industry – something they’ve repeatedlyLedgerX was a CFTC-regulated entity prior to being purchased by West Realm Shires in 2021. Johnson noted that less than two years after being brought under the FTX umbrella, ”market participants find themselves navigating the dark and troubling waters of FTX’s bankruptcy.”as part of the FTX bankruptcy proceedings.
“In times of crisis, with expanding access to retail market participants, and with increasingly diverse markets, relying on other regulatory frameworks such as anti-trust legislation, may prove too limited in scope to prevent crypto-crises,” Johnson added.Johnson didn’t hesitate when discussing corporate failures that led to FTX’s implosion, saying the collapsed Bahamian exchange was the latest example in a string of “cautionary tales woven together by a set of common threads.
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