Regulators, meanwhile, are trying to separate the bad actors in the crypto space — those actively committing fraud — from those who want to advance crypto and its market infrastructure, according to Dawn Stump, the former commissioner at the U.S. Commodity Futures Trading Commission.
“I think there’s a lot more work that needs to be done,” Stump told TechCrunch. “I think there’s a lot more work to be done on the regulatory-side front with regard to helping design regulations and coordinate regulation, internationally. In a way that makes sense.”
“This is going to sound very elementary, but I think more guidance is necessary [as well as] more thoughtfully set out expectations,” Stump said. “When I was at the CFTC, I always cringed a bit when it was suggested that the industry bears the burden to comply with the rules that are on the books today — and they certainly do — but in the same context it was sometimes suggested that it wasn’t the job of the regulator to hold their hand.”