If crypto is going to be widely adopted, it needs some rules of the road & a cop on the beat to enforce them.
To be clear, I am technology-neutral.
What I’m not neutral about: Investor protection. pic.twitter.com/e6GsSAyXhB
— Gary Gensler (@GaryGensler) August 3, 2021
The Securities and Exchange Commission doesn’t have authority over digital assets.
This comes after the assertion by SEC Chairman Gary Gensler that stock tokens and stable tokens all qualify as securities and must be registered, and the facilitators must abide by the federal law.
In response, the Republican Commodity Futures Trading Commission commissioner, Brian Quintenz tweeted that the Securities and Exchange commission has no jurisdiction over pure commodities and their trading venues, with crypto assets as a prominent example.
In support of the commissioner’s tweet, the U.S. House Committee on Agriculture retweeted the tweet, quoting that
“#crypto is bigger than the SEC.”
This can be interpreted as a move by CFTC to gain the regulation rights to cryptocurrency, as they should be the correct agency to do so, according to former chairman Christopher Giancarlo.
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