SEC Chairman Gary Gensler Supports CFTC Supervision Of Non-Security Crypto
Gary Gensler is in Favour of the Commodity Futures Trading Commission exercising more regulatory authority over cryptocurrencies that are not securities.
Chairman of the United States Gary Gensler of the Securities and Exchange Commission expressed support for a plan that would provide the Commodity Futures Trading Commission broader regulatory authority over cryptocurrencies that are not securities.
WallStreetJournal reported that Gensler expressed support for such legislation at a Thursday business conference. The SEC chairman said that his organization will not lose any regulatory authority if Congress approves the idea.
The CFTC, headed by Chairman Rostin Behnam, submitted a petition to the U.S. Congress that has debated crypto legislation. The agency of Behnam requested that cash markets for cryptocurrencies that are not securities come within the CFTC’s authority.
According to the article, the CFTC is considering regulating Bitcoin (BTC) and Ether, the two biggest digital currencies. Additionally, Behnam’s watchdog requested cash and resources to deploy additional supervision when required.
Although SEC Chairman Gary Gensler is in Favour of expanding the CFTC’s jurisdiction, the veteran investment banker also expressed typical sentiments against other altcoins and cryptocurrencies. According to Gensler, other cryptocurrencies exhibit securities characteristics and must comply with SEC regulations.
Let’s guarantee that we do not inadvertently undercut the securities regulations that underpin financial markets worth $100 trillion. Because of the securities rules, our capital markets are the envy of the world.
On many occasions, the head of the SEC has criticized cryptocurrency exchanges like Coinbase for flouting rules and said that such platforms should be registered with his organization. The SEC is also engaged in ongoing litigation disputes with crypto stakeholders such as Ripple over alleged securities breaches.