First CFTC Examination Priorities Focus on the Cryptocurrency Market

The U.S. Commodity Futures Trading Commission (CFTC) on February 12 announced its “2019 Examination Priorities for registrants”. An area of focus is the cryptocurrency market, and according to the Commission, these new priorities will help to foster compliance by market registrants.
The  U.S. CFTC is an agency that was established in 1974 to oversee several individuals and organizations. The platform aims to bring about market integrity and reduce risks that may arise in such markets. This is made possible through policies that will help to protect market participants as well as their funds from fraud and manipulation.

CFTC’s First Examination Priorities for Registrants

Per the report, the U.S. CFTC for the first time has published an Examination Priorities for registrants in its divisions. These are the Division of Market Oversight (DMO), Division of Clearing & Risk (DCR), and the Division of Swap Dealer & Intermediary Oversight (DSIO).
In the case of DMO, some of the priorities outlined are cryptocurrency surveillance practices, market surveillance practices, and real-time market monitoring practices. Others are surveillance for disruptive trading, trade surveillance practices, and practices around market maker and trading incentive programs.
Usually, the DMO’s role is to conduct Examinations of designated contract markets (DCMs) to ascertain their level of compliance. These markets must comply “with the Commodity Exchange Act and CFTC regulations through Rule Enforcement Reviews (RERs).” 

Regulatory Priorities to Bring Additional Transparency in CFTC

J. Christopher Giancarlo, CFTC Chairman, commended the efforts of the divisions in a bid to bring about additional transparency into the CFTC agenda. He added that this would ensure that registrants in either division will devote adequate resources that are consistent with the CFTC priorities.
The Chairman also said:

 This first-ever publication of division examination priorities is in line with Project KISS and other agency initiatives to improve the relationship between the agency and the entities it regulates, while promoting a culture of compliance at our registrants.

U.S. SEC and CFTC to Monitor Cryptocurrency Market

The U.S. Securities and Exchange Commission (SEC), as well as the CFTC, are both looking for ways to get control over the cryptocurrency market. As BTCNN reported on January 14, the SEC stated that the regulation of the cryptocurrency industry would be its priority in 2019. The financial regulator also noted that there is an increase in the number of investment advisers and as such, it brings the need to protect market participants from fraud.

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