SEC chief backs expansion of CFTC powers in the crypto industry

The chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, backed a potential expansion of the CFTC’s powers in the digital-currency space, according to The Block.

Speaking at Georgetown University’s Conference on the Quality of Digital Assets, Gensler said that crypto projects outside the SEC’s jurisdiction “can be counted on one or two hands.”

Before appointment as chair of the U.S. Securities and Exchange Commission in April 2021, the agency head led the CFTC and was known for a hardline approach to regulation.

Earlier in September, Gensler had already voiced support for granting the CFTC additional powers over the digital-asset market.

In August, FTX CEO Sam Bankman-Fried supported the bill to transfer oversight of the crypto industry to the CFTC.

In October, the agency head Rostin Behnam warned market participants about the inevitability of regulation and expressed confidence that Bitcoin and Ethereum are commodities.

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