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House Agriculture Committee urges prompt reauthorization and funding for CFTC
Summary
Lawmakers and witnesses told the House Agriculture Committee that reauthorizing and adequately funding the Commodity Futures Trading Commission is essential to protect farmers, markets and consumers as the agency faces new responsibilities on crypto, prediction markets and clearing capacity.
Chairman Thompson opened the hearing by calling the CFTC's lapsed authorization "unacceptable" and urged Congress to act to reauthorize the agency and clarify statutory authorities. Witnesses from industry, trade groups and advocacy organizations told the committee reauthorization is both a technical budget fix and an opportunity to update the Commodity Exchange Act for new products and risks.
The committee heard a near-consensus that the CFTC needs more resources. "It is long past time for…
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