Former CFTC chairman questions SEC’s authority to regulate cryptocurrencies
This is not the first time officials have claimed that the crypto space is not the domain of the regulator.
Who shall be in charge?
The Commodity Futures Trading Commission (CFTC) is the only regulator mandated to govern Bitcoin (BTC) and other cryptocurrencies, such is the view held by its former chairman Christopher Giancarlo.
The former official explained that this is not the SEC’s prerogative. The Biden administration should put the responsibility on the head of the CFTC if it takes the regulation seriously. Giancarlo belives that the agency has the relevant experience.
CFTC Commissioner Brian Quintenz expressed similar views, extending the agency’s remit to include cryptocurrencies as well. He put them on a par with other commodities such as wheat, gold and oil.
The US House of Representatives Committee on Agriculture supported the CFTC official’s position. Its representatives called on Congress to create “rules of the road” to simultaneously protect investors and innovations in the digital economy.
You may recall that SEC head Gary Gensler described most digital assets as unregistered securities that must comply with the regulations of the agency he chairs.
Earlier, the official declared that stock tokens issuers must report to the SEC.
Amid mounting calls from the SEC for greater scrutiny of the crypto space, several officials have issued similar statements that it is not the regulator’s area to govern. The heated debate over the authority issue highlights the challenge of applying existing rules to the emerging space.
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