SEC has no authority over crypto, CFTC commissioner argues

Amid the USA Securities and Alternate Fee (SEC) increasing the scope of oversight of the cryptocurrency trade, a commissioner with the Commodity Futures Buying and selling Fee (CFTC) argued that crypto regulation doesn’t fall underneath the SEC’s jurisdiction.

CFTC commissioner Brian Quintenz took to Twitter on Wednesday to declare that cryptocurrencies like Bitcoin (BTC) ought to be regulated by the CFTC fairly than the SEC.

Quintenz confused that cryptocurrencies are commodities and thus fall underneath the CFTC’s jurisdiction, versus securities which are regulated by the SEC, stating:

“Simply so we’re all clear right here, the SEC has no authority over pure commodities or their buying and selling venues, whether or not these commodities are wheat, gold, oil….or crypto property.”

Quintenz’s remarks got here nearly half an hour after former CFTC chairman Christopher Giancarlo made the same assertion on Twitter, arguing that the CFTC is the one U.S. regulatory company that has expertise regulating markets for Bitcoin and crypto.

“If the Biden Administration is critical about smart cryptocurrency regulation, it must nominate a CFTC chairman,” Giancarlo famous.

The U.S. Home Committee on Agriculture, a standing committee within the U.S. Home of Representatives, subsequently supported Quintenz’s assertion. The committee’s official Twitter account argued that crypto is “greater than the SEC,” and the Congress “wants to put in writing the principles of the highway to guard traders and innovation within the digital economic system.”

Associated: ‘Nakamoto’s innovation is actual,’ says SEC Chair Gary Gensler

The brand new statements apparently are available in response to latest remarks by the SEC chairman Gary Gensler calling for elevated regulatory oversight of the crypto trade to develop the regulatory scope with decentralized exchanges. Gensler reportedly outlined that there’s been a lot dialogue about what sort of digital property ought to fall underneath the SEC’s purview because the authority beforehand confirmed that main cryptocurrencies like Bitcoin and Ether (ETH) weren’t securities.