Timothy Massad, former chairman of the Commodity Futures Trading Commission, discussed the complexities of mandating crypto law with CNBC's Jim Cramer on Tuesday.
According to Massad, the government and the Securities and Exchange Commission must create a new industry framework that protects investors, prevents fraud and manipulation, and finally answers the contentious question: are digitized tokens securities?"A lot of what goes on in the crypto world does just revolve around itself, you know, it's a very interesting technology — the practical use cases that connect to the real economy, frankly, are still few and far between," Massad said.
One of the largest issues in crypto concerns wash trading, which is when someone trades with themselves or affiliates to mislead others about stock performance. Massad said this type of fraud accounts for 50% to 90% of the trading on crypto platforms. "There's no assurance that there's any procedures to prevent that," he told Cramer. "And these trading platforms, most of them do have their own proprietary trading operations, which they shouldn't have."
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