Byron Donalds: “A couple of things. Number one, the regulatory mission and the enforcement mission for the CFTC has not been encumbered…”

“A couple of things. Number one, the regulatory mission and the enforcement mission for the CFTC has not been encumbered in any way over the last several years, so cutting their spending back at a time when the American taxpayer does not have more money, first, to give to the Federal Government and its leviathan of overspending but, number two, borrowing more money from its future is just not the prudent measure to do. That is one and two. Number three, Congress has not outlined any regulatory framework around the digital assets framework. It does not exist because Congress has not spoken about digital assets. For the CFTC to take appropriations to regulate a space it has no legal authority to regulate, in my view, is outside the purview of the CFTC. There might be a time in the future where Congress would regulate legislative responsibilities around the digital assets marketplace, but that has not occurred at this time. Number four, I would agree with the gentleman from Pennsylvania, the CFTC, with respect to all the other regulators, is one of the most cost-effective. Obviously, I believe the SEC is bloated and, frankly, out of control in a myriad of areas, but that does not mean that we just turn a blind eye to the budgets of every aspect of the Federal Government. We have to bring some semblance of fiscal sanity to this government and starting even with the good ``cops on the beat'' is a responsible thing to do.…”