SEC has no authority over cryptocurrencies: CFTC commissioner

The SEC has no jurisdiction over crypto, based on CFTC Commissioner Brian Quintenz, who mentioned on Twitter that the CFTC can be higher fitted to the job, as we learn in our newest crypto information.

Former CFTC chairman Christopher Giancarlo argued that the CFTC was the one regulator with expertise regulating the BTC and crypto markets. After the US SEC expanded its scope of cryptocurrency oversight, CFTC Commissioner Brian Quintenz argued that regulation of cryptocurrencies doesn’t fall inside the SEC’s remit. Quintenz emphasised that cryptocurrencies are commodities and are topic to the CFTC somewhat than SEC regulated securities, so the SEC has no jurisdiction over cryptocurrencies:

“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.”

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

– Chris Giancarlo (@giancarloMKTS) August 4, 2021

Quintenz’s feedback come about an hour after former CFTC chairman Christopher Giancarlo launched an announcement arguing that the CFTC is the one U.S. regulator with expertise regulating BTC and cryptocurrencies:

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

The U.S. Agriculture Committee is the standing committee within the U.S. House of Representatives that endorsed the Quntenz assertion. The Commission’s official Twitter account argues that cryptocurrencies are larger than the SEC and that Congress wants to ascertain visitors guidelines to guard traders and improvements within the digital financial system. The new statements are available in response to latest remarks by SEC chairman Gary Gensler calling for elevated oversight of the crypto business to be able to broaden the scope of regulation with decentralized exchanges. Gensler identified that there’s a lot of debate about which digital property ought to be on the SEC’s radar, because the company has confirmed that main cryptocurrencies like BTC and ETH are usually not securities.

SEC Chairman Gensler agreed together with his predecessor, Jay Clayton, that each ICO is a safety, and he mentioned he believes trading platforms might have listed securities. These tokens can enable the market to be manipulated and hurt traders, because the supervisory authority explains. Gensler reiterates earlier statements that from his viewpoint safety tokens and secure worth tokens are securities, which signifies that they need to be registered and institutionalized.

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