Brian Quintenz, a member of the Commodity Futures Trading (CFTC) committee, believes the SEC does not have the authority to regulate cryptocurrencies. Likewise, former CFTC chairman Christopher Giancarlo mentioned the CFTC is the only US regulatory company with practical experience regulating the Bitcoin market place in certain and cryptocurrencies in common.
Currently, in the context the place the U.S. Securities and Exchange Commission (SEC) is expanding its oversight of the cryptocurrency marketplace, a commodity futures trading commission (CFTC) commissioner has ruled that cryptocurrency regulation falls outdoors the jurisdiction of the SEC. .
Specifically, on Wednesday, August four, CFTC commissioner Brian Quintenz tweeted that cryptocurrencies like Bitcoin (BTC) really should be regulated by the CFTC rather than the SEC. Mr. Quintenz pointed out that cryptocurrencies are commodities. Therefore, it really should fall beneath the jurisdiction of the CFTC and not a protection regulated by the SEC.
“So it’s clear to all of us here that the SEC has no jurisdiction over pure commodities or their place of trade, regardless of whether those commodities are wheat, gold, oil … or monetary assets. Cryptography.”
Just so let us all be clear right here, the SEC has no authority more than pure commodities or their trading venues, irrespective of no matter whether these commodities are wheat, gold, oil … or #crypto sources.
– Brian Quintenz (@CFTCquintenz) August 4, 2021
Quintenz’s remarks come about half an hour immediately after former CFTC chairman Christopher Giancarlo launched a related statement on Twitter. More exclusively, the former president mentioned the CFTC is the only US regulator with practical experience in regulating the Bitcoin and cryptocurrency market place.
created a related statement on Twitter, stating that the CFTC is the only US regulator with practical experience regulating the Bitcoin and cryptocurrency markets.
“If the Biden administration is serious about regulating cryptocurrencies, it needs to appoint a CFTC president.” – observed Mr. Giancarlo in his tweet.
Only a US regulatory company has practical experience regulating markets for #Bitcoin & #Crypto and it is not @SECGov. is @CFTC. Self #BidenAmministration it is really serious about acceptable #Cryptocurrency #regulation, will have to appoint a CFTC #president.
– Chris Giancarlo (@giancarloMKTS) August 4, 2021
The United States Committee on Agriculture, a standing committee of the House of Representatives, also supports Quintenz’s request. More exclusively, the committee’s official Twitter account claims the following:
“Cryptocurrencies are” larger than the SEC “and Congress must write the rules of the road to protect investors and innovation in the digital economy.”
. @ CFTCquintenz it truly is proper, #crypto it is greater than the SEC.
Congress will have to compose the guidelines of the street to guard traders AND innovation in the digital economic climate. https://t.co/vIzND3KY28
– Casa Ag GOP (@HouseAgGOP) August 4, 2021
The newly launched statements seem to be in response to latest remarks by SEC Chairman Gary Gensler. Because earlier, at dawn on August 4th, Mr. Gensler posted a video explaining the position of the SEC in the cryptocurrency marketplace.
As a consequence, he shared that the SEC is interested in numerous “hot” cryptocurrency subjects this kind of as DeFi, ETF, stablecoin, and so forth. Additionally, Mr. Gensler also known as on the US Congress to strengthen regulatory oversight for the cryptocurrency marketplace.
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