If I’m reading the following comment from HyperScalper correctly, he was quoting from a PM sent to him by LAF. And he asked LAF to keep the discussion here in the public thread.
I want to respond to LAF’s comments about the CFTC, as quoted by HyperScalper, and highlighted in bold type below.
The CFTC is not part of the Executive Branch of the government. It is an independent agency of the U.S. government, created by Congress in 1974, and subsequently reauthorized with expanded powers on several occasions. The CFTC’s mandate comes from Congress, and the CFTC is accountable to Congress, not to the Executive Branch (the President).
As an independent agency, the CFTC is not under the control of the President. President Trump cannot sign an Executive Order disbanding the CFTC, or restricting the authority of the CFTC.
CFTC Commissioners are appointed by the President, subject to the advice and consent of Congress, in a process similar to the appointment and confirmation of federal judges. But, the Commissioners do not serve “at the pleasure of the President”, as Cabinet Secretaries do – that is, the President cannot dismiss them from office (except in the case of gross malfeasance).
All of the grief which the CFTC has caused the forex market in the U.S. – and worldwide – is due to its power-hungry nature as an independent agency with police powers.
Over the years, the CFTC has successfully lobbied Congress for expanded authority – to the point that the CFTC can now classify almost anything as a “commodity”, and regulate it as they see fit. The latest example of this is the CFTC claim, validated by a federal court, that crypto-currencies are commodities “broadly defined”, and therefore they can be regulated to any extent deemed desirable by the CFTC.
Like Dr. Frankenstein, Congress has created this CFTC monster, and they continue to feed it. Getting Congress to undue what they have done will likely prove to be impossible in our lifetime.