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The U.S. Commodity Futures Trading Commission (CFTC) has proposed an overhaul of its risk management rules, and commissioner Christy Goldsmith Romero said the changes should spur businesses to prepare for crypto volatility and risk. related to the ownership of customers’ digital assets.
The CFTC released a proposal Thursday seeking comments on possible changes to the agency’s risk management program, and Romero said in a statement that technologies such as digital assets, artificial intelligence and services cloud have also emerged as areas that may carry significant risks.
These technological advances, with their attendant risks, require the commission to review our regulatory oversight, including our risk management requirements, Goldsmith Romero said. The integration of digital assets with banks and brokers, and the risks that may come with it, may continue to evolve.
She also pointed to ongoing issues with industry custodial practices, saying brokers may consider holding client assets in the form of stablecoins or other digital assets that could lead to unknown and unique risks.
The CFTC will receive public comment for 60 days on its rulemaking proposal notice, the preliminary stage of a rules process that should be followed by a proposed formal rule, then a vote on a version final.
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