Knowing fraudsters might be lucrative. The U.S. Commodity Futures Trading Commission just got a 10% raise on its budget to expand its authority on crypto and reward whistleblowers.
The U.S. Commodity Futures Trading Commission, or CFTC, has released its Fiscal Year 2023 budget request, seeking $365 million. This marks a 9.9% increase over the previous year and 20% over FY2021. The commission regulates the country’s derivatives market and has been increasingly active in recent years in policing financial products that incorporate cryptocurrencies.
on digital asset custodian risk, ensuring secure storage, as well as on accounting. The agency has its own staff of certified public accountants due to the lack of guidance on digital asset accounting from sectoral oversight bodies. In addition, the agency ensures derivative clearing organizations “employ strong segregation of duty processes and procedures to safeguard against theft of the collateral from [their] employees,” and it has extensive plans to increase educational efforts.
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