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Crypto Echoes Risks of 2008 Financial Crisis, Says US CFTC Commissioner
Christy Goldsmith Romero says CFTC oversight would be an answer to potential financial stability risks brewing in the industry.
Though the crypto industry is a sliver of the overall U.S. financial system, the “growing interest by traditional finance” firms should put regulators on notice of dangerous risks to come, said Christy Goldsmith Romero, a commissioner with the U.S. Commodity Futures Trading Commission.
“Financial stability risk will increase and could rise to the level of systemic risk if, in the future, there are greater interconnections between the crypto industry and traditional finance players performing critical market functions,” the commissioner said Wednesday at an International Swaps and Derivatives Association conference in New York.
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Just as other current U.S. regulators have argued, the crypto industry echoes certain elements of finance in the runup to the 2008 global meltdown, said Goldsmith Romero, who is the lead commissioner for the agency’s technology advisory committee.
“Cryptocurrency was supposed to break from the traditional financial system, and all of its fragility and vulnerabilities,” said Goldsmith Romero, who occupies one of the Democrat-appointed seats on the five-person commission that oversees derivatives trading. “However, this spring unregulated crypto markets revealed their vulnerabilities to similar financial stability risks as traditional finance, with parallel themes from the 2008 financial crisis.”
While suggesting the U.S. shouldn’t rush regulations, she did offer the CFTC as the answer for dealing with the industry’s risk.
“Congress can address financial stability risks by providing additional authority to the CFTC,” she said, supporting a “same risk, same regulatory outcome” approach to establishing crypto rules that would treat the industry the same as other sectors of the financial system.
The CFTC is gaining momentum in Congress to become the primary regulator for crypto trading in multiple bills that would give CFTC the authority over the spot market – or the markets in which the actual tokens trade between investors.
Goldsmith Romero recently told CoinDesk she’s also working on proposing a new definition for "retail investors" in crypto, as the CFTC is poised to potentially start policing a wide swath of digital assets trading. The new definition would require more safety measures for non-professional investors at the lower end of the spectrum.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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A few Republicans have crypto's destiny in their hands at the SEC, CFTC
After holiday leadership shifts, the two U.S. markets regulators — the SEC and CFTC — are now run only by pro-crypto Republicans, with Congress still debating.
Ano ang dapat malaman:
- The crypto industry finally has two permanent, crypto-friendly chairmen at the Securities and Exchange Commission and the Commodity Futures Trading Commission, and they have no Democratic pushback.
- The lack of fully stocked commissions at the market regulators is a big problem in the eyes of Senate Democrats negotiating the crypto market structure bill.
- The lone remaining Democrat, Caroline Crenshaw, left the SEC last week.
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