CFTC to monitor trading even during Shutdown
Jan 21, 2018 Posted / 7846 Views
The American media has reported that the U.S. Commodity Futures Trading Commission have positioned that it would keep track on Bitcoin futures trading and other markets even during a government shutdown. However, this would force to halt many other normal activities. In a statement on Friday CFTC said-
“One component of the agency’s mission is to oversee orderly derivatives markets, and to police those markets to ensure they are free of fraud and manipulation.”
The agency further added in the statement-
“In the event of a shutdown, the agency will have ‘excepted’ staff in place who will continue to perform this function across the derivatives markets -- including the virtual currency derivatives market.”
It is apparent that the regulator’s cryptocurrency supervision responsibilities have greatly increased since the last month 0f 2017. The CME Group Inc. and Cboe Global Markets Inc. week after other launched the contracts through a process that permits them to list products after promising that trading doesn’t will foul the law through any means. Nonetheless, the opening of Bitcoin Futures on these leading exchanges had given a major boost to the world’s biggest cryptocurrency. It is being debated as these efforts can definitely help in mainstreaming Bitcoin.
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The CFTC defines virtual currencies as commodities and has also declared jurisdiction over underlying cash markets for anti-fraud or anti-manipulation reasons. The CFTC strategizes to secure about 10 percent of its 675 people on the job to make certain that derivatives markets aren’t being influenced.
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