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Summer Mersinger, commissioner of the US Commodity Futures Trading Commission (CFTC), suggested that the time for action on cryptocurrency regulation may have come. Speaking at the Texas Blockchain Summit on November 18, Mersinger reflected on what it would take for effective crypto regulation in the United States.

“Lately, that’s probably been 70-80% of what we’re talking about,” Mersinger said of the crypto. “We are clearly in a situation where we have to stop, we have to get the facts together, we have to understand what is going on. […] to advance policy.

Mersinger saw forward movement in the process. “We’re getting to the point where we’re maybe past the education stage and now it’s action [stage],” she said. “But it’s an interesting political question because it’s not a partisan question.”

The CTFC and the Securities and Exchange Commission will eventually resolve jurisdictional issues, Mersinger continued. “There’s a role for both, we just have to understand for it to work,” she said. They may need help:

“Congress may have to say, ‘No, no, no, you really have to work together. […] And here’s when you’re going to meet and here’s what you’re going to talk about.

Real-time proof of reserves could be part of digital asset regulation in the future. “We expect this from our regulated entities. We don’t ask for it every day, but we can. And I think that’s fair,” Mersinger said. “Maybe the control is decentralized, but you take customer funds and put them in this central location that regulators know, see and can check.”

Related: US regulator touts ‘aggressive’ crypto policing in new report

In the meantime, “until there is a decision at the federal level, the states are the first line of defense,” Mersinger said. “Sometimes in Washington, we forget that the states were the first actors and the first regulators here and that they play an important role. I think often states are left out of the conversation, and that’s unfortunate. »

Mersinger, a Republican, was appointed to the CTFC by President Joe Biden in December. She dissent from commission treatment of Ooki DAO, calling it regulation by enforcement.