However, Brian Quintenz, a member of the Commodity Futures Trading Commission (CFTC), the other major financial regulator in the United States, believes that crypto is not under the jurisdiction of the Securities and Exchange Commission at all.
Just so we’re all clear here, the SEC has no power over pure commodities or where they trade, whether those commodities are wheat, or gold, or oil…or. # encrypt assets.
– Brian Quentens (@CFTCquintenz) August 4, 2021
“To be clear, the SEC does not have any authority over pure commodities or their trading platforms, whether those commodities are wheat, gold, oil or crypto assets.”
Quentins said this just hours after former CFTC Chairman Chris Giancarlo made the same claim. According to Giancarlo, only the CFTC has experience regulating markets such as cryptocurrencies and bitcoin:
Only one US regulatory agency has experience regulating markets for # bitcoin & # encrypt And he is not Tweet embed. it’s a CFTC. if #BidenAdministration Seriously reasonable #cryptocurrency #regulations, you need CFTC nomination #President.
– Chris Giancarlo (@giancarloMKTS) August 4, 2021
“Only one US regulatory agency has experience regulating the bitcoin and cryptocurrency markets and it is not the Securities and Exchange Commission. It is the CFTC. If the Biden administration is serious about reasonable regulation of cryptocurrency, it should appoint the chair of the CFTC.”
Republican half of the so-called US House Committee on Agriculture, The National Agriculture Policy Committee, agrees with Quentins:
Congress needs to write the rules of the road to protect investors and innovation in the digital economy. https://t.co/vIzND3KY28
– House Ag GOP (HouseAgGOP) August 4, 2021
Quintins is right, cryptocurrency is bigger than the SEC. Congress must set the rules to protect investors and innovation in the digital economy.”
The infamous XRP army, a large group Ripple (XRP) Fans, they seem very excited about the statements made by CFTC officials. Of course, they fear the worst with the lawsuit between Ripple and the SEC. However, they do not receive an answer to their questions. This week, Ripple saw small gains in lawsuits Lawyers obtain documents from Cryptocurrency exchange Binance.
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