US CFTC Commissioner Summer Mersinger Calls for Crypto Policy Reform

PANews reported on November 22 that according to Cointelegraph, at the North American Blockchain Summit on November 21, Summer Mersinger, a commissioner of the U.S. Commodity Futures Trading Commission (CFTC), discussed the necessity of formulating standard crypto-related policies through notice and comment rulemaking (rather than through enforcement). Mersinger explained how a recent lawsuit against a DAO has led the CFTC to require a court ruling to classify the entity. In this case, the CFTC hopes to classify the DAO as a corporation or association. Mersinger believes that while crypto entities, including DeFi, are typically classified into existing categories and expected to operate under the same laws, they often lack formal registration requirements; thus, Uniswap tried to do the right thing but ultimately faced more allegations, though Uniswap reached an "unusually small" settlement with the CFTC. Although smaller in scale compared to other agencies such as the SEC, Mersinger believes the CFTC is the "ideal regulatory body for the crypto commodity spot market" as it can quickly implement significant legislative changes without disrupting the market. Additionally, while she mainly holds a conservative stance, she supports the introduction of new laws and regulations for crypto companies. Mersinger also suggested that the crypto industry should engage with the new government leadership as soon as it is determined. Previously, it was reported that the Trump transition team is considering the crypto-friendly Summer Mersinger for the position of Commodity Futures Trading Commission (CFTC) chair.