In a speech at Duke University on Wednesday, Commodity Futures Trading Commission Commissioner (CFTC) Kristin Johnson formally called on Congress to modify several pieces of proposed digital asset legislation to expand the agency’s authority to conduct due diligence on any firm – foreign or domestic – seeking to purchase a minimum 10% share of the equity interest in a CFTC-registered market participant.

“Specifically drawing from the example of LedgerX, I am advocating for regulation that formalizes the obligation to separate customer property, ensure financial resource requirements…and introduce effective governance and risk management controls,” Johnson said.