Gary Gensler Becomes A Powerful Ally For CFTC

Speaking at a Georgetown University event, Securites and Exchange Commission Lead Gary Gensler supported the concept of Congress providing the US commodities regulator, which he used to chair, more direct jurisdiction over some tokens, according to a report by Reuters.

The Commodity Futures Trading Commission (CFTC) has found a major ally in its fight for control of cryptocurrency spot markets. Gensler told an audience for Georgetown University’s Financial Markets Quality Conference in Washington:

“I think the CFTC could well have greater authorities. They currently do not have direct regulatory authorities over the underlying non-security tokens.”

The CFTC has advocated for direct power over digital assets classified as commodities in the United States. Those are now Bitcoin and Ether, the two most valuable cryptocurrencies in terms of market capitalization, though Gensler stated last month that the latter might be a security.

In remarks today, he continued: “You can count on the fingers of a hand or two,” the projects that are not subject to SEC oversight.

Gensler’s support for expanding the CFTC’s jurisdiction comes on the heels of a unanimous proposal by the Financial Stability Oversight Council, a special group of US regulators. Gensler is a member of the committee.

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