The USA Commodity and Futures Trading Commission Commissioner called Brian Quintenz has made a very unusual suggestion. He believes, that cryptocurrency industry should take care of their regulation on its own. It should create, he believes, a self-regulatory body. This remark was made on the 12th February and now it went viral.
The commissioner believes, that CFTC has not enough capabilities for cryptocurrency market. Hence, he suggests that cryptocurrency platforms come together to collaborate and create some kind of a structure that would be responsible for cryptocurrency. He believes, “they can discuss, implement, examine and audit any activities and rules related to crypto”.
He believes, that such kind of an organization can carry out audits even concerning the conflict of interests, business conduct, insider trading and the misuse of insider information, liquidity, custody and so on.
When it comes to CFTC, he believes, all decisions are imposed. While if cryptocurrency industry creates a regulatory body, it will be based on a mutual agreement, hence, the companies participating in the industry will perceive it in a more friendly manner.
Hester Peirce, another commissioner, this time from Securities and Exchange Commission, insists, that the current cryptocurrency regulation is too confusing. The main reason is that the controlling bodies are in most cases not dealing with cryptocurrency. If crypto-companies create their own regulatory body though, the chances that it wll be friendlier, are much higher.