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US CFTC plans to adopt Nasdaq's monitoring system to expand cryptocurrency supervision

U.S. Commodity Futures Trading Commission (CFTC) issued a statement today stating that it will expand cryptocurrency regulation using Nasdaq's monitoring system to protect the market from fraud, abuse, and manipulation. If Congress passes the legislation currently under consideration in both houses, the role of CFTC in cryptocurrency regulation may significantly expand. CFTC Acting Chairman Caroline Pham stated that the new monitoring system will provide the agency with automatic alerts and "cross-market analysis" capabilities, including obtaining comprehensive order book data to support real-time analysis and decision-making, to prevent and detect abuse in both traditional and crypto asset markets. CFTC is also preparing for the growth of the cryptocurrency market. Earlier this month, CFTC launched the "Crypto Sprint" program, focusing on cryptocurrency futures trading and recommendations from the President's Working Group on Financial Markets for digital assets.

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