CFTC commissioner urges crypto gatekeepers ‘step up and call for compliance’
A commissioner at the Commodity Futures Trading Commission (CFTC) called out gatekeepers—lawyers, accountants, auditors, compliance professionals, and others—for failing customers in the unregulated cryptocurrency market.
In a speech delivered Wednesday at the Wharton School and University of Pennsylvania Carey Law School, Christy Goldsmith Romero said gatekeepers must not allow the “promise of riches” to be gained working for cryptocurrency businesses “to silence their objections to obvious deficiencies.”
“In traditional finance, these gatekeepers have an important role to play in protecting customers, investors, and market integrity,” said Goldsmith Romero, a former federal prosecutor. “The role of the gatekeeper is to promote good corporate governance, instill operational discipline, ensure compliance with required standards and the law, and prevent and detect fraud and other unlawful activity.”