Fred Hatfield is a former Commissioner at the U.S. Commodity Futures Trading Commission.
both weigh in against the crypto industry giving to candidates for office they believe would support efforts on behalf of digital assets. Leaving aside their First Amendment rights to do so, as a former Democratic Commissioner at the CFTC and now involved in regulatory compliance issues, I feel that both the Bloomberg and Better Markets statements are unfair to the fledgling crypto companies as well as to the millions of Americans who invest in these products.
It seems fairly obvious to fair-minded observers that after over a decade of the cryptocurrency currency trading makes it unlikely it’s going away anytime soon, as much as some may want that. Given that, you would think the reasonable person would say, “let’s properly regulate these products.” It is not true that crypto doesn’t face a myriad of state and federal regulations. What is true is that, as long as an enforcement-only regulatory approach is taken, the U.S.
In 2023, the CFTC had a record number of enforcement actions in the crypto space representing nearly half of all enforcement actions. It is important, though, to consider that crypto-related fraud isin illegal activity occurring in the dollar and other traditional fiat currencies. So, contrary to the Bloomberg and Better Markets opinion pieces, crypto is not the financial product of choice among financial predators. It’s actually the U.S. dollar.
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