US Plans To Lower Funding For Bitcoin Futures Watchdog

Bitcoin Futures Watchdog Gets No Love As U.S. Plans Budget Cut

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  • US Congress plans to trim the annual budget of Bitcoin Futures Watchdog, CFTC, to $249 million
  • CFTC Chairman, J. Christopher Giancarlo, took this ‘incredibly personally.’

United States: The growing popularity and surging price witnessed by Bitcoin and cryptocurrencies as a whole, are constantly raising the curiosity of global regulators, who are always sounding the warning that investment in cryptocurrencies is susceptible to theft, fraud, or even worse. However, it seems that the US lawmakers are less concerned about the whole issue, as they are making plans to trim the funding of Commodity Futures Trading Commission (CFTC) – an agency who recently became the Bitcoin futures Watchdog.

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Being part of a budget deal made last Wednesday to fund the federal government through September, US lawmakers have agreed to cut the CFTC’s annual budget by $1 million to $249 million. Though the decrease looks minor on paper, it comes when the CFTC strives to establish itself as a top crypto regulator. J. Christopher Giancarlo, the CFTC Chairman took this action ‘incredibly personally’, because just last year he requested a 13 percent increase in the agency’s funding.

A Spokeswoman for CFTC, Erica Elliott Richardson, said in an email:

“We are absolutely astounded by the decrease in the CFTC’s budget. Chairman Giancarlo takes this budget decrease incredibly personally, and is currently meeting with our finance team to figure out a path forward for the agency.”

Nevertheless, the budget deal plans to give the US Securities and Exchange Commission (SEC) a budget of $1.7 billion, which is about 3 percent higher than what the agency actually requested. While the Bitcoin Futures Watchdog – CFTC, has been struggling for years to get more money from the US Congress.

Is this an act of favoritism towards SEC, or the US congress rating SEC – the ICO police – higher than CFTC, or better still indirectly favoring the cryptocurrency realm. Tell us your opinion in the comment box.

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