CFTC Commissioner Brian Quintenz Fires Back At SEC, Affirms It Has No Authority Over Crypto Assets

CFTC Commissioner Brian Quintenz Fires Back At SEC, Affirms It Has No Authority Over Crypto Assets
фото показано с : zycrypto.com

2021-8-7 23:09

Cryptocurrencies have received a lot of heat in recent times as governments have tried to bring the runaway “wildcat” industry under regulation. US regulatory bodies, courts, and Congress are all brainstorming how to favorably satisfy the public’s expectation of them concerning cryptocurrencies.

While crypto regulation still has a long way to go before there is clarity in the sector, two regulatory bodies in the U.S seem to be engaged in a turf war as to who should have regulatory oversight over crypto-assets like Bitcoin, Ether, XRP, e.t.c.

One of the five commissioners of the Commodity Futures Trading Commission (CFTC), Brian Quintenz, probably prompted by the recent comments of SEC Chair Gary Gensler, has stated that the SEC has no authority over cryptocurrencies. 

“Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil….or crypto assets,” Quintez remarked on Wednesday.

Remarks made by Gensler before the Aspen Security Forum event that was held on Tuesday are still being digested by the cryptocurrency community. Gensler, speaking on how cryptocurrencies regulation intersected with national security, stated that at its core the SEC had a duty to protect investors. “We focus on financial stability as well. But at our core, we’re about investor protection” adding that they, therefore, had a duty to regulate cryptocurrencies as the landscape was “rife with fraud, scams, and abuse in certain applications.” 

He also points out, while suggesting that the SEC needs expanded powers, that most cryptocurrencies, asides from Bitcoin, were offered as securities by the Howey test standard, adding that such actions especially exemplified in ICOs were harmful to investors as they were not always given complete information, left prices open to manipulation and investors vulnerable. 

It remains unclear which cryptocurrencies are commodities and which are securities, hence the perceived scuffle. The CFTC is to have regulatory oversight over commodities while the SEC should have over securities. Notably, a recently proposed legislation has tried to define the asset class into two categories – digital asset and digital asset security. While the efforts are encouraging, it will still be a long way off before there is a high degree of certainty as crypto-businesses overlap involvement in both kinds of crypto-assets.

Public sentiment also seems to be leaning towards the argument of the CFTC as key players in the cryptocurrency market are wary of the SEC’s prolonging of approval for cryptocurrency ETFs. However, the SEC has sympathizers, even in Congress.

Senator Elizabeth Warren who has long been vocal against cryptocurrencies has hailed Gensler’s stance on cryptocurrencies as the right one. “Cryptocurrency is the wild west of our financial system and desperately needs rules of the road to protect investors and our economy. I’m glad SEC Chair Gary Gensler agrees, and I’m going to keep pushing our regulators to act” she said.

Market observers and key players are however worried that the measure the SEC is looking to adopt, should they be too strict, could stifle innovation and weigh negatively on sentiments in the cryptocurrency market or even go as far as driving crypto innovation offshore from the US. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Vice Industry Token (VIT) на Currencies.ru

$ 9.59E-5 (+0.36%)
Объем 24H $8
Изменеия 24h: 0.01 %, 7d: -71.49 %
Cегодня L: $9.59E-5 - H: $9.59E-5
Капитализация $276.56k Rank 99999
Доступно / Всего 2.884b VIT

cryptocurrencies regulatory regulation under bring runaway wildcat

cryptocurrencies regulatory → Результатов: 126


Фото:

Ripple May Finally Escape SEC’s Den, Thanks To This Proposed Crypto Legislation

The Digital Asset Market Structure and Investor Protection Act, new legislation proposed by Congressman Don Beyer (D-VA-08) that would protect consumers and promote innovation by incorporating digital assets into existing financial regulatory structures, has been noted to be a step in the right direction in clearing the current regulatory uncertainty surrounding cryptocurrencies. Beyer who proposed […]

2021-8-5 18:27


Фото:

Africrypt Ponzi Scheme Collapse: South Africa Regulator Says Its ‘Not in a Position to Take Any Regulatory Action’

Following Africrypt’s collapse, South African regulator, the Financial Sector Conduct Authority (FSCA), released a statement asserting its lack of jurisdiction over cryptocurrencies. Although the regulator says it is “continuing to investigate complaints” against the crypto investment company, it concedes it has only “found evidence of crypto-asset transactions.

2021-6-25 15:00


Фото:

SEC Leaves Bitcoin and Cryptocurrency Off Regulatory Agenda 2021

The U. S. Securities and Exchange Commission (SEC) has released its regulatory agenda which does not mention bitcoin or cryptocurrency regulation. Bitcoin, Cryptocurrencies Not on SEC’s Latest Regulatory Agenda The Office of Information and Regulatory Affairs released the Biden administration’s Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions last week.

2021-6-17 21:30


US Lawmakers To Form Committee To Address Regulatory Concerns Around Crypto

Lawmakers in the United States are looking into developing regulatory frameworks for cryptocurrencies like Bitcoin and Ethereum. The US Rep and chairwoman of the House Financial Services, Maxine Waters, revealed her intentions to create a working group with Democratic House members to tackle growing concerns on cryptocurrencies Waters Pushes for More Crypto Oversight Waters made […] The post US Lawmakers To Form Committee To Address Regulatory Concerns Around Crypto first appeared on BitcoinExchangeGuide.

2021-6-17 19:46


Фото:

US Regulators Urgently Working on Joint Cryptocurrency Regulation: Fed’s Quarles Says It’s ‘High Priority’

U.S. government agencies are urgently working together on a joint regulatory framework for cryptocurrencies, Federal Reserve Vice Chair of Supervision Randal Quarles has confirmed. “We along with the OCC and the FDIC are engaged right now in what we are calling a sprint in seeking to pull together views on” crypto regulation. US Agencies Collaborating […]

2021-5-26 17:00


Фото:

South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments

As the South Korean government keeps strengthening the harsh rhetoric against cryptocurrencies, citizens have become increasingly angry due to the recent words from regulatory authorities. Over the weekend, petitions started to appear on the web, seeking the removal of the head of the country’s Financial Services Commission (FSC).

2021-4-28 11:30