When the day comes, it's unlikely crypto will be regulated by just one government agency, said Summer K. Mersinger, a commissioner at the Commodity Futures Trading Commission (CFTC).
“It’s not going to be just a one-agency solution,” she said Monday on CoinDesk TV’s “All About Bitcoin” when asked about the regulatory ramifications for crypto from the bankruptcy filings of FTX and BlockFi.
“We probably need to work a little more closely with the [Securities and Exchange Commission],” Mersinger said. That collaboration would likely mean the CFTC would also receive more congressional oversight. The Agriculture committees in the House of Representatives and the Senate already oversee CFTC. The House Financial Services Committee and the Senate Banking Committee oversee the SEC.
Read more: BlockFi Files for Bankruptcy as FTX Contagion Spreads
Mersinger said CFTC should take the opportunity to also begin working with regulatory officials at the state level. She said conversations are also likely to take place with global regulators, given the scope of the issues.
“We can’t just look at it through the lens of Washington D.C.,” Mersinger said.
Former CFTC Commissioner Timothy Massad recently suggested the agency and the SEC work together on a self-regulatory organization (SRO) to set clear guidelines about which agency should oversee crypto.
“‘Are there regulatory gaps?”’ Mersinger asked. “We have identified that they do exist. But at this point, we really have to just stop and figure out all the facts involved, collect all the information and really get a handle on what's going on.”