In this article: CFTC Commissioner Mersinger called for clear and updated rules for cryptocurrencies.
The current enforcement system is perplexing for companies like #Uniswap Labs and #DAO .
She advocates for public participation and better communication between the crypto industry and regulators to create fair and pragmatic policies.
At the North American #Blockchain Summit, CFTC Commissioner Summer Mersinger called for clear regulations for the crypto industry, saying that current enforcement measures create confusion and uncertainty.
At the North American Blockchain Summit on December 21, CFTC Commissioner Summer Mersinger emphasized the urgent need for clear and standardized regulation of cryptocurrencies in the United States. She explained that since the current system mainly utilizes law enforcement, #cryptocurrency companies will be confused and uncertain about understanding and complying with regulations.
the CFTC has had to rely on a court decision to decide whether to treat a DAO as a company or an association, but that has not been a practical way to deal with such issues.
Melsinger said that the CFTC and SEC have recently adopted a strategy of regulation by enforcement.
She cited the recent lawsuit against Uniswap Labs as an example. Because policies are not set, regulators often resort to lawsuits to classify such entities as decentralized autonomous organizations (Dao).
Mersinger noted that Uniswap paid a small fine to settle a dispute with the CFTC.
This may indicate a more flexible approach by regulators. However, she emphasized that clear legislation is needed so that cryptocurrency companies know exactly what they need to do to avoid trouble with the law and comply with regulations.
This approach needs to change. In her view, the decision on how to treat an organization is not based on court decisions, but on clear decisions made with proper deliberation and citizen participation.
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