Regulation of crypto assets in the United States is under consideration by the Securities and Exchange Commission (SEC). According to SEC Chairman Gary Gensler, the Commodity Futures Trading Commission (CFTC) should be responsible for creating legislation for digital currencies such as bitcoin (BTC) and ether (ETH).
The statement about regulating the U.S. crypto market was presented by Gensler recently. He said at a conference that the CFTC might be the institution responsible for regulating the entire industry.
However, the chairman of the US SEC says that the CFTC’s work cannot diverge from the current securities regulations in the country. Gary Gensler believes that the SEC and CFTC should work together to ensure that crypto-specific legislation is passed.
In fact, the SEC chairman expects the CFTC to be responsible for overseeing the crypto market in addition to the regulation being discussed in the United States.
Crypto regulation in the United States
The CFTC is part of the U.S. Senate Agriculture Committee. Before the approval of Gary Gensler’s nomination, the CFTC was already responsible for regulating the derivatives market involving crypto assets.
In this way, Gary Gensler states that he intends to give more autonomy to Congress regarding the future of crypto assets in the U.S. The position of the SEC chairman is in line with major investors in the crypto market, who believe that legislation for commodities is the closest to the intended regulation for the sector rather than following the securities market guidelines.
However, the measure only applies to financial assets such as bitcoin and ether. Therefore, the other digital currencies can be subject to the legislation of the US SEC. For the SEC, all crypto assets, except for bitcoin and ether, can be classified as securities in the country.