The Commodity Futures Trading Commission (CFTC) has scheduled a hearing on Monday to consider new rules to combat market manipulation of bitcoin futures prices.
The move comes after the CFTC announced last month that it had filed a lawsuit against four bitcoin exchanges in a bid to stop them from profiting from bitcoin futures.
According to a statement on the CFTR website, “We believe the Commission should consider the potential for manipulation of the bitcoin futures market in order to protect consumers and businesses from manipulation of this important asset class.
The CFTC believes bitcoin futures are an important tool for consumers and the public to hedge against volatility and volatility risks in the financial system.”
The Commission says it will hold a public hearing on the proposed rule on Monday at 3:00pm ET.
If approved, the rule would require the Commodities Futures Trade Commission to issue a proposal to update the Commission’s current rules on commodity futures trading and ensure that consumers, businesses and investors are protected against manipulation.
The CFTC said it would submit the proposal to the Commission for public comment.
It is also seeking public comment on whether the Commission could require that bitcoin futures contracts be registered with the CFTS, which would require that a certain amount of liquidity be included in the contracts and that contracts are transparent to the public.
If the Commission finds that the requirements for registration are not sufficient, the CFTP could also consider implementing new regulatory requirements on the futures market, such as requiring a minimum daily volume or price cap for contracts.
Last month, the Commemoration Fund, a group representing some of the largest financial institutions in the US, called for a ban on bitcoin futures trading.
“Bitcoin futures are not for ordinary traders.
The risk of price manipulation is real, and it is our hope that Congress will take action to ban futures markets,” the group wrote in a blog post.