CFTC commissioner argues that the SEC has no authority over cryptocurrencies

While the US Securities and Exchange Commission (SEC) is increasing its oversight of the cryptocurrency trade, a commissioner for the Commodity Futures Trading Commission (CFTC) has argued that regulation of cryptocurrencies is outdoors the jurisdiction of the SEC.

CFTC Commissioner Brian Quintenz took to Twitter on Wednesday to ask explain that cryptocurrencies like Bitcoin (BTC) ought to be regulated by the CFTC as an alternative of the SEC.

Emphasized that cryptocurrencies are commodities and thus fall beneath the jurisdiction of the CFTC, versus securities that are regulated by the SEC, Quintenz acknowledged:

“It is clear to all of us here that the SEC has no jurisdiction over pure commodities or the locations of their trading, regardless of whether those commodities are wheat, gold, oil … or crypto assets.”

Quintenz’s feedback come solely about half an hour after former CFTC chairman Christopher Giancarlo made an identical assertion on Twitter, claiming the CFTC is the solely U.S. regulator with expertise regulating the bitcoin and digital cash market.

“If the Biden administration is serious about solid regulation of cryptocurrencies, it must appoint a CFTC chair,” famous Giancarlo.

Only one US regulator has expertise regulating the market for #Bitcoin & #Crypto and it’s not @SECGov. That is @CFTC. If #BidenAdministration severe about smart # Cryptocurrencies #Regulation, it has to designate a CFTC #Chairman.

– Chris Giancarlo (@giancarloMKTS) August 4, 2021

The US Agriculture Committee, a standing committee in the US House of Representatives, later supported Quintenz’s declare. The committee’s official Twitter account To discuss that cryptocurrencies are “bigger than the SEC” and that Congress “needs to write down road rules to protect investors and innovations in the digital economy”.

Related: SEC Chairman Gary Gensler Says: “Nakamoto’s Innovation Is Real”

The new statements look like in response to latest remarks by SEC chairman Gary Gensler calling for elevated regulatory oversight of the crypto trade as a way to broaden regulatory attain with exchanges. Gensler studies that there has been a whole lot of dialogue about which digital belongings ought to be on the SEC’s radar, as the company beforehand confirmed that main cryptocurrencies like Bitcoin and Ether (ETH) aren’t securities.