SEC’s Gensler Agrees to Transfer Bitcoin Oversight to CFTC
Flickr.com/Third Way Think Tank
The US Securities and Exchange Commission (SEC) would Congress if it chooses to give the Commodity Futures Trading Commission (CFTC) more authority to regulate bitcoin (EXANTE: Bitcoin), the Wall Street Journal reports.
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Speaking at an industry conference on Thursday, SEC Chair, Gary Gensler, said the commission was looking to give the CFTC more power to regulate «non-security tokens […] and the related intermediaries.» He added:
«Let’s ensure that we don’t inadvertently undermine securities laws. We’ve got a $100 trillion capital market. Crypto is less than $1 trillion worldwide. But we don’t want that to somehow undermine what we do elsewhere.»
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It is unclear, when exactly Congress might grant the CFTC with such power, though. Gensler has been actively calling for more investors’ protection on the crypto market for a long time, saying that many tokens might fall under its jurisdiction as they have similarities to securities.
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