CFTC Chairman on US Crypto Regulation: We Have to Rely on 70-Year-Old Case Law to Determine What’s a Security or Commodity – Regulation Bitcoin News
The chairman of the Commodity Futures Buying and selling Fee (CFTC) says his company and the Securities and Change Fee (SEC) “have to rely on 70-year-old case law to determine what’s a security or a commodity.” He confused that the SEC and CFTC are working collectively to manage the crypto house, noting that “It’s not a turf war.”
CFTC Chairman on Crypto Regulation, Working With SEC
Commodity Futures Buying and selling Fee (CFTC) Chairman Rostin Behnam talked about cryptocurrency regulation in an interview with CNBC final week.
Responding to a query about whether or not the CFTC will get together with the Securities and Change Fee (SEC) and whether or not the 2 companies share assets to manage the crypto sector, he affirmed:
We do get alongside. We can share, we’ve got shared, and we are going to share.
“For the CFTC, the difficulty is we are a derivatives regulator. We don’t oversee the cash markets. So, the authority that I’ve been asking Congress for is cash authorities, so that we can go in the bitcoin cash market, the ether cash market, and the other digital commodity token [markets],” the CFTC chief defined.
Commenting on SEC Chairman Gary Gensler stating that almost all of crypto tokens on the market are securities, Behnam said: “Well, we’re gonna have to figure that out legislatively because it’s a new asset class. There are different components and characteristics of this asset class as opposed to traditional asset classes.” The CFTC boss described:
We must depend on 70-year-old case-law to find out what’s a safety, what’s a commodity.
“We have one court case in New York that says bitcoin is a commodity … We’re trying to find a reasonable outcome that will create certainty for the market,” he concluded.
Behnam additionally confused that “it’s not a turf war” between the 2 regulatory companies.
SEC Chairman Gensler additionally beforehand stated that the 2 regulators are working collectively to manage the crypto sector. Whereas Gensler admitted that bitcoin is a commodity, he stated final month that “Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities.”
Final month, the SEC introduced that it’s organising a devoted workplace to evaluate crypto filings. Gensler additionally stated that he has requested SEC employees to fine-tune crypto compliance.
What do you concentrate on the feedback by the CFTC chairman? Tell us within the feedback part under.
Kevin Helms
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