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Read. Follow. Verify.Senate Hearing on CFTC Oversight and Cryptocurrency Regulation
Record date · January 1, 2019
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What This Bill Does
This Senate Agriculture Committee hearing reviewed the current state of the Commodity Futures Trading Commission (CFTC), focusing on pending regulations, cryptocurrency oversight, and cross-border agreements. The session included a specific inquiry regarding the CFTC's collaboration with the EPA on monitoring the Renewable Identification Number (RIN) market.
The hearing establishes the oversight priorities for the CFTC, which regulates markets that impact the pricing of commodities, energy, and financial products used by residents and businesses.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Commodity Futures Trading Commission
The agency is tasked with responding to congressional inquiries regarding its regulatory oversight of derivatives and specific commodity markets.
Environmental Protection Agency
The agency coordinates with the CFTC under an MOU to monitor the RIN market for fraud and market abuse.
Market Speculators
Their activities in the RIN market are subject to potential analysis and oversight by the CFTC.
Key Facts
- The Senate Agriculture Committee held a hearing on February 15, 2018, to examine CFTC pending rules, cryptocurrency regulation, and cross-border agreements.
- A 2016 Memorandum of Understanding (MOU) exists between the CFTC and the EPA regarding the oversight of the Renewable Identification Number (RIN) market.
- The RIN market is the mechanism used to enforce the federal Renewable Fuel Standard.
- Senator Grassley requested information on how the CFTC and EPA have collaborated under the 2016 MOU to identify potential fraud or market abuse in RIN trading.
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- Senator Grassley requested an analysis of whether the CFTC has evaluated the impact of market speculators on RIN prices.
- The hearing included the submission of a letter regarding CFTC and European Clearing House oversight.
- Chairman Giancarlo provided written responses to follow-up questions from Senators Roberts, Stabenow, Cochran, Bennet, and Casey.
Frequently Asked Questions
What is the CFTC's role in the RIN market?
What are RINs?
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News Coverage
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Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Inter-agency RIN Oversight
The document highlights a formal, ongoing collaboration between the CFTC and EPA to monitor the renewable fuel credit market, indicating that energy policy is increasingly tied to financial market regulation.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment20Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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