The Commodity Futures Trading Commission (CFTC) is the only regulator authorised to oversee Bitcoin and other cryptocurrencies. This is the view of its former chairman, Christopher Giancarlo.
Only one US regulatory agency has experience regulating markets for #Bitcoin & #Crypto and it is not @SECGov. It is @CFTC. If #BidenAdministration is serious about sensible #Cryptocurrency #regulation, it needs to nominate a CFTC #chairman.
— Chris Giancarlo (@giancarloMKTS) August 4, 2021
“This is not the purview of the SEC. The Biden Administration should entrust the leadership of the CFTC if regulation is to be taken seriously. This agency has relevant experience,” explained the former official.
Commissioner Brian Quintenz of the CFTC expressed similar views, placing cryptocurrencies in the agency’s remit alongside other exchange-traded commodities such as wheat, gold and oil.
Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil….or #crypto assets.
— Brian Quintenz (@CFTCquintenz) August 4, 2021
The US House Agriculture Committee backed the CFTC official’s position. Its members urged Congress to draft a ‘rules of the road’ to protect investors while encouraging innovation in the digital economy.
.@CFTCquintenz is right, #crypto is bigger than the SEC.
Congress needs to write the rules of the road to protect investors AND innovation in the digital economy. https://t.co/vIzND3KY28
— House Ag GOP (@HouseAgGOP) August 4, 2021
Gensler, the head of the SEC, called the majority of digital assets unregistered securities that would have to meet the requirements of the agency he leads.
Earlier, the official warned issuers of stock tokens that they must report to the SEC.
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