CFTC Seeks Budget Boost to Keep Pace With Cryptocurrency Trading

The Commodity Futures Trading Commission is asking for a bigger budget in fiscal 2023 and the authority to impose industry user fees as it eyes an expanded role policing cryptocurrency trading.

The CFTC is seeking $365 million in total budgetary resources, a 20% boost from fiscal 2021, according to President Joe Biden’s budget request. The increase is compared to the fiscal 2021 spending level, which agencies were operating under with some adjustments until passage of this month’s fiscal 2022 spending law (Public Law 117-103).

The request includes $116 million in proposed user fees on the CFTC’s regulated entities, ...