CFTC commissioner “revealed” SEC has no authority over cryptocurrencies after Gary Gensler’s speech
On Tuesday, SEC chairman Gary Gensler addressed the mainstream media on points surrounding the regulation of the cryptocurrency business. Through the speech, Gensler sought to stop fraud whereas giving traders entry to what he calls “speculative” belongings – bitcoin and altcoins.
Republican Commissioner for the Commodity Futures Trading Commission (CFTC) Brian Quintenz, tweets Wednesday that the SEC has no jurisdiction over “pure commodities or places to trade them”, together with “crypto assets.”
“Yes, very clearly, we all know that the SEC has no responsibility for pure commodities or their trading venues, regardless of whether these commodities are wheat, gold, oil … or crypto assets.”
Brian Quintenz – Commissioner of the CFTC
Quintenz’s tweet adopted Gensler’s remark that each safety tokens and “value-stable tokens with securities” are thought-about securities, which suggests they have to be registered and the issuer should adjust to relevant federal regulation.
Retweet tweet from Quintenz, US House of Representatives Committee on Agriculture say “Crypto is beyond the reach of the SEC” and calls on Congress to “write rules … to protect investors and innovations”.
Meanwhile, former CFTC chairman Christopher Giancarlo mentioned the CFTC was the one physique with expertise in regulating the cryptocurrency market and has urged the CFTC to nominate a brand new place to ascertain “adequate regulation of cryptocurrencies.”
According to Coindesk