The past few days Gary Gensler, the new chairman of the US Securities and Exchange Commission (SEC), told multiple interviews that he supervises cryptocurrencies as bitcoin (BTC) in ethereum (ETH) wants to expand.
However, Brian Quintenz, a committee member at the Commodity Futures Trading Commission (CFTC), the other major US financial regulator, believes that crypto does not fall under the SEC’s jurisdiction at all.
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
“To be clear, the SEC has no authority over pure commodities or their trading platforms, whether those commodities are wheat, gold, oil or crypto assets.”
Quintenz said this just hours after former CFTC chairman Chris Giancarlo made the same claim. According to Giancarlo, only the CFTC has experience regulating markets like crypto and bitcoin:
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
“Only one US regulatory body has experience regulating bitcoin and crypto markets and that is not the SEC. It’s the CFTC. If the Biden administration is serious about sensible cryptocurrency regulation, it should appoint a CFTC chairman.”
The Republican half of the so-called United States House Committee on Agriculture, a committee for national policy on agriculture, agrees with Quintenz:
.@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
Quintenz is right, crypto is bigger than the SEC. Congress must set the rules to protect investors AND innovation in the digital economy.”
The infamous ‘XRP army,’ a large group ripple (XRP) fans, seems to be very enthusiastic about the statements made by the CFTC officials. Of course, they fear the worst with the lawsuit between Ripple and the SEC. However, they do not get an answer to their questions. This week Ripple did see a small gain in the lawsuit and the lawyers get access to documents from cryptocurrency-exchange Binance.
–
