CFTC Budget Expansion Propels Regulator's Crypto Oversight Ambitions

The Commodity Futures Trading Commission (CFTC) has been tasked with expanding its regulatory purview to include the rapidly growing cryptocurrency market.

A Senate bill, which passed the Agriculture Committee along party lines in recent weeks, would provide the CFTC with a $150 million budget increase. This funding boost is expected to enhance the agency's ability to oversee digital commodity markets and ensure compliance with existing regulations.

The legislation also allows the CFTC to collect fees from digital asset custodians, exchanges, and dealers who register with the agency. These fees would be based on an annual and volume-based model, aimed at recouping costs associated with regulatory efforts.