CFTC to Enhance Cryptocurrency Oversight with Nasdaq System

According to BlockBeats, the U.S. Commodity Futures Trading Commission (CFTC) announced plans to adopt Nasdaq's surveillance system to enhance cryptocurrency regulation. This move aims to protect markets from fraud, abuse, and manipulation. If current legislation under review in Congress is passed, the CFTC's role in cryptocurrency regulation could significantly expand. Acting CFTC Chair Caroline Pham stated that the new surveillance system will provide the agency with automated alerts and cross-market analysis capabilities, including comprehensive order book data access. This will support real-time analysis and decision-making to prevent and detect abuses in both traditional and cryptocurrency markets. The CFTC is also preparing for the growth of the cryptocurrency market. Earlier this month, the CFTC launched the "Crypto Sprint" initiative, focusing on cryptocurrency futures trading and recommendations from the President's Working Group on Financial Markets.