SEC Boss Wants CFTC to Oversee Bitcoin
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SEC boss Gary Gensler believes the CFTC should be in charge of regulating Bitcoin, according to a recent report
At an industry conference, US Securities and Exchange Commissioner Gary Gensler suggested that the Commodity Futures Trading Commission, its sister regulatory agency, should be responsible for overseeing Bitcoin.
Gensler also urged lawmakers not to discredit his agency, adding that U.S. securities laws are “the envy of the world.”
As reported by U.Today, Gensler opposed Sens. The cryptocurrency bill introduced by Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY). The legislation would classify most cryptocurrencies, which would make the CFTC the primary regulator of the industry.
Gensler argued that the bill would undermine the $100 trillion U.S. capital market by removing authority from the U.S.
In late June, Gensler reiterated that Bitcoin is a commodity that offers much-needed regulatory clarity.
Meanwhile, the head of the SEC still believes that most tokens are commodities.
In particular, Gensler has repeatedly dodged questions about the status of Ethereum’s securities, explaining that he does not publicly comment on separate tokens.
In his speech, Gensler again urged cryptocurrency platforms to register with regulators.
In May, the SEC dramatically increased its staff because of the growing number of cryptocurrency cases it has to deal with.
Gensler has become an enemy of the cryptocurrency industry due to his aggressive approach to cryptocurrency regulation.
As reported by U.Today, billionaire Mark Cuban recently criticized the SEC for not issuing comprehensive guidance on the crypto industry.
Seemingly desperate, cryptocurrency investors began signing a petition last month to fire Gensler.