Amid america Securities and Change Fee’s increasing the scope of oversight of the cryptocurrency business, a commissioner with the Commodity Futures Buying and selling Fee argued that crypto regulation doesn’t fall underneath the SEC’s jurisdiction.
CFTC commissioner Brian Quintenz took to Twitter on Wednesday to declare that cryptocurrencies like Bitcoin (BTC) ought to be regulated by the CFTC somewhat than the SEC.
Quintenz pressured that cryptocurrencies are commodities and thus fall underneath the CFTC’s jurisdiction, versus securities which can be regulated by the SEC, stating:
“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.”
Quintenz’s remarks got here nearly half an hour after former CFTC Chair Christopher Giancarlo made an analogous assertion on Twitter, arguing that the CFTC is the one U.S. regulatory company that has expertise regulating markets for Bitcoin and crypto.
“If the Biden Administration is serious about sensible cryptocurrency regulation, it needs to nominate a CFTC chairman,” Giancarlo famous.
Just one US regulatory company has expertise regulating markets for #Bitcoin & #Crypto and it isn’t @SECGov. It’s @CFTC. If #BidenAdministration is severe about smart #Cryptocurrency #regulation, it must nominate a CFTC #chairman.
— Chris Giancarlo (@giancarloMKTS) August 4, 2021
The U.S. Home Committee on Agriculture, a standing committee within the U.S. Home of Representatives, subsequently supported Quintenz’s assertion. The committee’s official Twitter account argued that crypto is “bigger than the SEC” and that Congress “needs to write the rules of the road to protect investors and innovation in the digital economy.”
Associated: ‘Nakamoto’s innovation is actual,’ says SEC Chair Gary Gensler
The brand new statements apparently are available response to latest remarks by SEC Chair Gary Gensler calling for elevated regulatory oversight of the crypto business to broaden the regulatory scope with decentralized exchanges. Gensler reportedly outlined that there’s been a lot dialogue about what sort of digital belongings ought to fall underneath the SEC’s purview because the authority beforehand confirmed that main cryptocurrencies reminiscent of Bitcoin and Ether (ETH) weren’t securities.