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A PROVISION IN THE US CRYPTO BILL GIVE AUTHORITY TO SOME CRYPTO FOR CFTC

A PROVISION IN THE US CRYPTO BILL GIVE AUTHORITY TO SOME CRYPTO FOR CFTC

Chairman of the United States Securities and Trade Commission (SEC) Gary Gensler said he was concerned that the proposed bill to create a regulatory framework for cryptocurrencies could weaken and protect investors in the common financial market.


Speaking at the CFO Network Conference of The Wall Street Journal on Tuesday, Gensler was asked for his views on the bill recently introduced on June 7 by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY).


"We do not want to undermine our $ 100 trillion market defenses," he added.


“We do not want our stock exchanges, mutual funds, or public companies, inadvertently hitting the pen, saying 'you know what, I want to break the rules, I want to be out. of this government which I think has been a great help to investors and economic growth over the last 90 years. '”

The bipartisan Lummis-Gillibrand "Responsible Financial Innovation Act" aims to address many aspects of crypto law such as digital asset management, stablecoins, and agency power.


A single provision of the bill gives "clear authority" to the Commodity Futures Trading Commission (CFTC) over the digital commodity markets, Gensler has long insisted on declaring that many cryptocurrencies are securities, under the authority of the SEC.


Senators have strongly agreed with Gensler's point, saying that some altcoins may be considered securities under the proposed law, while Bitcoin (BTC) and Ether (ETH) are considered as assets.


At the conference, Gensler said the SEC was not looking to expand its powers and that some cryptocurrencies are already under the authority of the agency as they are eligible for security:


“We are just looking at the sales community […] These tokens are given to the community, and the community hopes for a better future. Those are the hallmarks of an investment contract. ”

Meanwhile, CFTC commissioner Christy Goldsmith Romero - who says he has not yet read the Lummis-Gillibrand bill - welcomed Congress's move to address a rally on Tuesday.



Romero, who was also a senior adviser in the SEC's compulsory division, was asked if the view that the CFTC was a laissez-faire regulator compared to the SEC was correct.


"No, they are not at all [...] very similar," he said, adding that the CFTC has brought a lot of coercive actions into the crypto space, and each agency is concerned with "tightly regulating the markets."


Explaining the difference he saw, Romero said the CFTC allowed many cryptocurrency products to trade on its regulated exchange, with 18 products trading in 11 regulated organizations:


"The implication is that the CFTC has good knowledge and how to regulate trading in this market, and that is really helpful as we move forward. It will still take cooperation and cooperation with the SEC, I am 100% committed to that, it is my former home."

Source: cointelegraphy




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