The financial watchdog charged with regulating bitcoin futures just gave its employees the green light to trade crypto
Thomson Reuters
Giancarlo waits to testify on his nomination to be chairman of the Commodity Futures Trading Commission in Washington
- The Commodity Futures Trading Commission, the regulatory agency overseeing bitcoin futures, says employees can trade crypto.
- Not everybody thinks this is a good idea.
The regulatory agency charged with overseeing the markets for bitcoin futures in the US gave its employees the green light to trade cryptocurrencies.
That's according to a Bloomberg News report penned by Robert Schmidt, who wrote employees of the Commodities Futures Trading Commission (CFTC) "can trade digital tokens as long as they don't buy them on margin or have inside information gleaned from their jobs."
Employees, however, are not permitted to trade bitcoin futures contracts on the markets operated by Cboe Global Markets or CME Group.
Daniel Davis, the general counsel of the CFTC, told employees in a memo earlier this month that the agency decided on the ruling after an influx of "inquiries."
CFTC head J. Christopher Giancarlo became a darling of the cryptocurrency community after he delivered remarks to the US Senate alongside Securities and Exchange Commission head Jay Clayton that many interpreted as pro-bitcoin. In the days that followed his address, so-called crypto-Twitter blew up with memes honoring the regulator.
The reaction to the news that employees of his agency can trade crypto has been less positive. Angela Walch, a professor at St. Mary's University School of Law who focuses on crypto, told Bloomberg the news is "mind-boggling."
"It could absolutely skew their regulatory decisions."
The SEC, according to Bloomberg, also allows its employees to trade crypto.
Read the full report at Bloomberg>>
EXCLUSIVE FREE REPORT:The Bitcoin 101 Report by the BI Intelligence Research Team.
Get the Report Now »
Next Story
I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
From terrace to table: 8 Edible plants you can grow in your home
India fourth largest military spender globally in 2023: SIPRI report
New study forecasts high chance of record-breaking heat and humidity in India in the coming months
Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
Strong domestic demand supporting India's growth: Morgan Stanley
