SEC Has No Authority Over Cryptocurrencies – Brian Quintenz

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.

Share:

Author: Raji Ridwan

Raji Ridwan is a tech blogger and freelance writer. He loves reading and drawing and plays football during his spare time.