Crypto is buying Congress and understaffed CFTC ‘oversight’
The Commodity Futures Trading Commission (CFTC)—that toy poodle of a government watchdog overseeing the world’s largest agricultural and financial futures contracts—is being courted by the cryptocurrency industry as its regulator of choice over the more effective, better-funded Securities Exchange Commission (SEC).
The reason is plain: The CFTC is the U.S. government’s smallest, most understaffed, most underfunded regulatory agency that “doesn’t have the capability, understanding or wherewithal to do its current job,” let alone take on tomorrow’s trillion-dollar-plus, global crypto circus.
And it is a circus. Crypto, favored by North Korean and Russian computer hackers, terrorist organizations…
