Congressional Committee Calls for CFTC 'Clarity' on Bitcoin
A Congressional committee has called on the Commodity Futures Trading Commission (CFTC) to focus on digital currency regulation as President Barack Obama’s term in office winds to a close.
The Agriculture Committee of the US House of Representatives sent a letter to CFTC chair Timothy Massad in the wake of the election of Republican Donald Trump, who defeated Democrat Hillary Clinton in the presidential vote earlier this month. The committee's letter expressed concern about so-called midnight rulemaking, or a situation in which an outgoing administration uses its remaining time in office to put new regulations in place.
Committee chair Mike Conaway, a Republican from Texas, called on the CFTC to avoid pursuing “controversial regulations” in the final months of Obama’s term. Instead, the agency should focus on its role as a market watchdog and pursue other kinds of “day-to-day work” including enforcement actions, Conaway wrote.
http://www.coindesk.com/congress-cftc-bitcoin-rules/
