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US Regulator Says Cryptocurrency Fraud Too Widespread to Police

Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission (CFTC), has stated that there is too much cryptocurrency fraud for the agency to police all of it. She added that cryptocurrency cases account for around 20% of the CFTC's portfolio, including recent civil cases against Binance and FTX exchanges. While Goldsmith Romero denied any "turf war" between the CFTC and the Securities and Exchange Commission over regulating crypto, she acknowledged that the agencies are still figuring out how to regulate the industry's new products. She also warned crypto companies not to view the CFTC as a "light touch regulator."

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