US CFTC plans to expand cryptocurrency regulation by adopting Nasdaq surveillance system

BlockBeats News, August 27, according to TheBlock, the U.S. Commodity Futures Trading Commission (CFTC) issued a statement today announcing that it will adopt Nasdaq's surveillance system to expand cryptocurrency regulation, aiming to protect the market from fraud, abuse, and manipulation. If Congress passes the legislation currently under review in both chambers, the CFTC's role in cryptocurrency regulation could be significantly expanded.

CFTC Acting Chair Caroline Pham stated that the new surveillance system will provide the agency with automated alerts and "cross-market analysis" capabilities, including access to comprehensive order book data to support real-time analysis and decision-making, as well as to prevent and detect abuses in both traditional and crypto asset markets. The CFTC is also preparing for the growth of the cryptocurrency market. Earlier this month, the CFTC launched the "Crypto Sprint" initiative, focusing on crypto futures trading and recommendations put forward by the President's Working Group on Financial Markets for digital assets.