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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe SEC will continue its efforts to bring oversight to crypto: Former CFTC Chair Timothy MassadFormer chairman of the Commodity Futures Trading Commission Timothy Massad joins 'The Exchange' to discuss sentiment towards launching a spot bitcoin ETF, the need for basic investor protection in the crypto market, and the risk of which crypto investors should be aware.
Persons: Timothy Massad Organizations: SEC, Futures Trading
CFTC Chair Timothy Massad talks crypto regulation with 'Mad Money' host Jim Cramer. Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email
Persons: Fmr, Timothy Massad, Jim Cramer
As its name would suggest, a stablecoin is a kind of cryptocurrency token meant to be backed by real assets. Massad said these coins could act as a bridge between "the crypto world and the real world." "My concern is we're not addressing the risks," he continued, adding that he is not. He added that if the U.S. were to create stablecoin regulations, the rest of the world would likely follow suit, but also said many countries are already creating their own frameworks. "I'm sympathetic to a lot of people in government saying, 'we don't really, we're not convinced of the use case here, we don't really see what the value is in the real world,' Massad said.
Persons: Timothy Massad, CNBC's Jim Cramer, Massad, Jay Clayton, stablecoins, we're Organizations: Futures Trading, Securities and Exchange, SEC Locations: United States, U.S
Jim Cramer goes one-on-one with Fmr. CFTC Chair Timothy Massad on a path forward for crypto regulation'Mad Money' host Jim Cramer sits down with former CFTC Chair Timothy Massad to talk crypto regulation and what options the U.S. has.
Persons: Jim Cramer, Timothy Massad Organizations: Fmr
Massad, along with former SEC chairman Jay Clayton, detailed the theory in the Wall Street Journal last week. "We strongly support enforcement of the laws, but what we're saying is, we need more than that, and the reason is twofold," Massad said. "Let's not get hung up on that, or rather, let's have a parallel track which says, regardless of the classification issue, we need standards today." He added that this solution would be a way to get some basic industry standards in place without having to rewrite securities laws. "This is a way to get investor protection standards into the industry as it exists today without having to fundamentally change the securities or the derivatives laws."
Persons: Timothy Massad, CNBC's Jim Cramer, Jay Clayton, Massad Organizations: Futures Trading Commission, SEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe strongly support enforcement of the law, says Fmr. CFTC Chair on crypto regulation'Mad Money' host Jim Cramer sits down with former CFTC Chair Timothy Massad to talk crypto regulation and what options the U.S. has.
Persons: Fmr, Jim Cramer, Timothy Massad
Timothy Massad: 'There are huge risks of fraud and manipulation' on crypto trading platformsTimothy Massad, former CFTC chairman, joins 'Ma Money' host Jim Cramer to talk the Binance lawsuit launched by the SEC and where he finds issue in the current state of the crypto space.
Persons: Timothy Massad, Jim Cramer Organizations: SEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTimothy Massad: crypto risk 'isn't just about the token' it's about the 'platform you're trading on'Timothy Massad, former CFTC chairman, joins 'Ma Money' host Jim Cramer to talk the Binance lawsuit launched by the SEC and where he finds issue in the current state of the crypto space.
Persons: Timothy Massad, Jim Cramer Organizations: SEC
According to Massad, the government and the Securities and Exchange Commission must create a new industry framework that protects investors, prevents fraud and manipulation, and finally answers the contentious question: are digitized tokens securities? One of the largest issues in crypto concerns wash trading, which is when someone trades with themselves or affiliates to mislead others about stock performance. Massad said this type of fraud accounts for 50% to 90% of the trading on crypto platforms. "And these trading platforms, most of them do have their own proprietary trading operations, which they shouldn't have." So, again, there are some questions about where do we really want to go, but we've got to have much better investor protection."
Persons: Timothy Massad, CNBC's Jim Cramer, Massad, Cramer, Binance, Coinbase, Jay Powell, we've Organizations: Futures Trading Commission, Securities and Exchange, SEC, Federal
The $2.2 billion of U.S. customer assets held by Binance is at "significant risk" of being stolen by founder Changpeng Zhao unless a freezing order is in put place, federal regulators said in a filing Tuesday night, after the crypto regulator was charged by the Securities and Exchange Commission. The SEC sued Binance and Zhao on Monday, alleging they engaged in the unregistered offer and sale of securities and commingled investor funds with their own. Years of communications between the SEC and Binance, which claims no official headquarters, suggest that Binance.US couldn't clearly indicate who controlled customer assets, according to the filing. "Zhao and Binance have had free reign," the SEC alleged, over "customer assets worth billions of dollars." The SEC says federal law and precedent establish the court's jurisdiction over Zhao and Binance.
Persons: Binance's, Changpeng Zhao, Zhao, Binance, Timothy Massad Organizations: Binance, Securities and Exchange Commission, Lawyers, SEC, BAM, BAM Management, Binance's, BAM Trading Locations: U.S, Swiss, British Virgin Islands, Binance's U.S, United States, UAE
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase said last Wednesday that the SEC issued the company a wells noticeMad Money host Jim Cramer talks to fmr. CFTC Chair Timothy Massad about the case Binance and the crackdown on crypto.
A problem with crypto is that many exchanges simply aren't following the rules, according to the former CFTC chief. Timothy Massad noted that many exchanges weren't registering with the SEC and claiming that tokens were commodities, not securities. That reluctance to follow rules that protect clients is among the biggest risks in the crypto space, he said. But many crypto exchanges just aren't registered with the regulator and are claiming that crypto tokens aren't securities, though SEC chief Gary Gensler has said that they are. Many crypto exchanges have claimed that cryptocurrencies are commodities, Massad said, which places them in a regulatory loophole, as there is no federal oversight over the commodities spot market.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCryptocurrency risks come partly from the trading venues themselves, ex-CFTC chairman saysTimothy Massad, research fellow at the Harvard Kennedy School of Government and former chair of the Commodity Futures Trading Commission, says cryptocurrency exchanges aren't following traditional standards.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe SEC and CFTC need to write joint crypto trading platform standards, says fmr. CFTC commissionerTimothy Massad, former Commodity Futures Trading Commission chairman, joins 'TechCheck' to discuss designating virtual currencies as commodities or securities, regulatory action following the FTX bankruptcy and identifying regulatory authorities for crypto.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto trading venues don't follow standards in securities and derivatives markets: Research fellowTimothy Massad, research fellow at the Harvard Kennedy School of Government and former chair of the Commodity Futures Trading Commission, discusses the need for better regulation in the cryptocurrency industry.
Fmr. CFTC chair on regulating the crypto industry
  + stars: | 2022-12-01 | by ( Melissa Lee | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. CFTC chair on regulating the crypto industryFormer CFTC Chair Timothy Massad on the next steps for regulating cryptocurrency. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Karen Finerman, Courtney Garcia and Bonawyn Eison.
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