Companies Request CFTC Crypto Asset Regulations as Craig Wright Comments on Being Satoshi, Testify Under Oath
There are several cryptocurrency companies that are requesting new regulations to the Commodities Futures Trading Commission (CFTC). According to The Block, there have been several comment-letters submitted to the agency during the last few months in response to the CFTC’s request for commentary from market manipulation.
The Chicago high-frequency trader Hehmeyer Trading asked the CFTC to crack down manipulation in the spot market. They added that they agree with the COmmission’s view that crypto-assets are not securities but commodities. Thus, Christopher Hehmeyer asked the Commission to have an anti-fraud and anti-manipulation authority over crypto-asset markets.
At the same time, the Chamber of Digital Commerce has also called on the CFTC to collaborate with other agencies and work in a new legal framework for crypto assets. As per the Chamber, the US needs better coordination and regulation. At the moment, crypto firms have to operate with several regulations from different institutions and governmental levels. Thus, it becomes very difficult for companies to be able to expand and start new projects.
One of the comments was made by Craig S. Wright, Chief Scientist at nChain. He is also the supporter of Bitcoin SV (BSV) and self-proclaimed Satoshi Nakamoto. In this comment, he says that under the pseudonym of Satoshi Nakamoto, he completed a project called BlackNet that started in 1997 and that filed with the Australian government.
He went on explaining that there is a large amount of misunderstanding and fallacious information that propagated concerning Bitcoin and derivative system based on blockchain technology. Wright stated that several projects have been spreading as Initial Coin offerings (ICOs).
In the comment presented to the CFTC, Dr. Wright wrote:
“Every contract and every exchange on any blockchain system was designed to be completely analogous to the existing financial and legal structure existing within the common-law market.”
He has also explained that it is very easy to track virtual currencies in networks such as Ethereum. Additionally, he emphasized that if there are firms that tell that blockchain technology cannot work outside the current legislation they are seeking to mislead and defraud to avoid regulation and creating dark web markets.