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HomeLaw & PoliticsCFTC is looking for funding in FY2023 budget proposal

CFTC is looking for funding in FY2023 budget proposal

In its most current budget proposal, the Commodity Futures Trading Commission (CFTC) requested more training resources to help with the evaluation of emerging digital assets. The March 21 budget proposal comprises requests for the fiscal year 2023. It emphasises the crypto risk landscape, stating that the number of derivatives clearing organisations (DCOs) using digital technologies and researching the use of digital assets is growing.

Those who use cryptocurrency are also exposed to additional dangers, which the commodities watchdog must analyse, according to the agency. A handful of DCOs now clear physically settled bitcoin contracts, and several other Commission proposals include plans to clear other digital assets. According to the CFTC, more resources are needed to identify risks and properly convey how DCOs are expected to mitigate them.

The CFTC already requires numerous audit reports from DCOs that utilise digital assets, and as the usage of crypto by clearing organisations grows, the CFTC believes it will need staff who are well-trained in researching crypto risks and evaluating audit reports.

Read more: CFTC gives more time for requests of FTX US Derivatives amendments

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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