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The recent failure of the multi-billion dollar FTX cryptocurrency exchange has raised the alarm among officials, leading to calls for federal regulation of the digital asset.
Arkansas Senator John Boozman and Michigan Senator Debbie Stabenow, the chair of the Senate Agriculture Committee, have proposed the Digital Commodity Consumer Protection Act, which would bring cryptocurrency under the purview of the Commodity Futures Trading Commission.
The Wall Street Journal reported on Thursday that the Securities and Exchange Commission is also under pressure to enforce crypto industry regulations in the wake of the FTX incident. The journal noted that the SEC has previously said that many digital assets fit the definition of a security.
The issue of how to classify cryptocurrency is still up for debate, as the asset can be thought of as a commodity, a currency, or a security, depending on the context. Nevertheless, it is clear that government oversight is required as crypto investing has become increasingly popular with American investors.
Although cryptocurrency was intended to be a more equitable and trusted form of money, human greed and unscrupulousness still seem to be a constant force in the market. Government regulation may not be able to protect people from their own foolish decisions, but it can help to ensure that the industry is operating fairly.
