US CFTC to use Nasdaq surveillance system to expand cryptocurrency regulation

The U.S. Commodity Futures Trading Commission (CFTC) is adopting Nasdaq's surveillance program to take a greater role in regulating digital assets. In a statement on Wednesday, the CFTC stated that Nasdaq's program will protect markets from fraud, abuse, and manipulation. Acting Chairwoman Caroline Pham stated that the new surveillance system will equip the agency with automated alerts and cross-market analysis capabilities, and that the CFTC is also preparing for the growth of the cryptocurrency market. Earlier this month, the agency launched its "Crypto Sprint" initiative, focusing on crypto futures trading and the recommendations outlined by the President's Task Force on Digital Asset Markets.