The chairman of the Commodity Futures Buying and selling Fee (CFTC) says his company and the Securities and Change Fee (SEC) “must depend on 70-year-old case legislation to find out what’s a safety or a commodity.” He pressured that the SEC and CFTC are working collectively to manage the crypto house, noting that “It’s not a turf warfare.”
CFTC Chairman on Crypto Regulation, Working With SEC
Commodity Futures Buying and selling Fee (CFTC) Chairman Rostin Behnam talked about cryptocurrency regulation in an interview with CNBC final week.
Responding to a query about whether or not the CFTC will get together with the Securities and Change Fee (SEC) and whether or not the 2 companies share sources to manage the crypto sector, he affirmed:
We do get alongside. We will share, we’ve got shared, and we are going to share.
“For the CFTC, the issue is we’re a derivatives regulator. We don’t oversee the money markets. So, the authority that I’ve been asking Congress for is money authorities, in order that we are able to go within the bitcoin money market, the ether money market, and the opposite digital commodity token [markets],” the CFTC chief defined.
Commenting on SEC Chairman Gary Gensler stating that almost all of crypto tokens on the market are securities, Behnam acknowledged: “Effectively, we’re gonna must determine that out legislatively as a result of it’s a brand new asset class. There are totally different parts and traits of this asset class versus conventional asset courses.” The CFTC boss described:
Now we have to depend on 70-year-old case-law to find out what’s a safety, what’s a commodity.
“Now we have one courtroom case in New York that claims bitcoin is a commodity … We’re looking for an affordable end result that may create certainty for the market,” he concluded.
Behnam additionally pressured that “it’s not a turf warfare” between the 2 regulatory companies.
SEC Chairman Gensler additionally beforehand stated that the 2 regulators are working collectively to manage the crypto sector. Whereas Gensler admitted that bitcoin is a commodity, he stated final month that “Of the almost 10,000 tokens within the crypto market, I imagine the overwhelming majority are securities.”
Final month, the SEC introduced that it’s organising a devoted workplace to assessment crypto filings. Gensler additionally stated that he has requested SEC workers to fine-tune crypto compliance.
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