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CFTC Commissioner Johnson Says Rules Are Needed To Protect Crypto Customers’ Assets

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Today’s Cryptocurrency Headline

Leaders at the Commodity Futures Trading Commission say their agency needs to be taking warnings about cryptocurrency seriously and called for rules to govern the sector. Christy Goldsmith Romero and Kristin Johnson, both Democratic CFTC commissioners, have pushed the agency to issue rules or guidance to address conflicts of interest in crypto and protect consumers over the past week. The downfalls of FTX, Binance, Celsius and Voyager show the need to protect customers through segregating and preserving customer deposits, Johnson said on Monday at the Federal Reserve Bank of Atlanta. Therefore, the CFTC should “immediately develop regulation” around the custody of assets, Johnson said, adding that rules to govern crypto could come in the next few weeks. 

BingX’s Bitcoin Chart

Source: TradingView & BingX

The crypto market is down today, resulting in over $160 million long liquidations.Price action across the crypto market remains tilted to the downside as investors and money managers begin to digest the potential fallout if the SEC chooses to delay the current spot Bitcoin ETF applications.Notably, the securities regulator must decide on applications from Hashdex and Global X ETFs by Nov. 17. The SEC also needs to decide on Franklin Templeton’s Bitcoin ETF application by Nov. 21. Failing to do so would push the deadline to 2024.In the short term, the cryptocurrency market will continue to navigate multifaceted challenges, and the ebb and flow of various economic and regulatory factors will undoubtedly shape its trajectory for the foreseeable future.The support level is at $36,000 and the resistance level is at $37,200.

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