- December 8, Congress “calls on the carpet” the leaders of the largest cryptocurrency exchanges
- In response, FTX has published a set of 10 rules to help reach consensus
- These cover issues related to market structure, cybersecurity and adjustment
- The rules for using stablecoins
FTX has published a document proposing to change the rules of the US market and make them more flexible.
first of all, they ask the authorities to choose one main regulator – either the CFTC or the SEC. The fact is that the CFTC regulates the commodity derivatives market, and the SEC is responsible for securities. This makes life difficult for exchanges that offer multiple investment vehicles.
FTX proposes that one of the regulators become the main regulator, use one technology stack and control the exchanges on a daily basis. And the second regulator will generally oversee the company’s activities without interfering with day-to-day operations. The rest of the FTX rules are devoted to general issues: asset storage, KYC / AML, client protection, etc.
One of the sections concerns stablecoins. The exchange advises regulators to create a list of registered stablecoins and introduce an accounting audit. December