Gary Gensler, SEC Chair, supports increasing the power of his former agency over digital asset markets beyond its current role as a futures and derivatives broker.
In its quest to be the authority in crypto spot markets, the Commodity Futures Trading Commission has just gained a strong ally.
At an event at Georgetown University the Chair of the Securities and Exchange Committee Gary Gensler supported the idea that Congress should give more authority to certain tokens to U.S. commodities regulator. Gensler was the former chair.
“I believe the CFTC should have more authority. Gensler spoke to an audience at Georgetown University’s Financial Markets Quality Conference, Washington. He said that they do not currently have regulatory authority over the underlying tokens.
The CFTC has pushed direct authority to digital assets that are classified as commodities by the U.S. These include bitcoin and ether.
These are the largest cryptocurrencies in terms of market capitalization. Gensler suggested last month that could be considered a security.
He stated today that “you can count on the fingers a hand or two” for projects that aren’t under the SEC’s purview.
Gensler supports the CFTC having more authority. This is a recommendation by the Financial Stability Oversight Council. It is a super committee made up of U.S regulators. Gensler also supported the recommendation with unanimous support. Gensler is a member of that panel.
