Securities and Exchange Commission (SEC) Chair Gary Gensler has been under scrutiny for not providing clarity over the crypto regulations. However, speaking at an event Gensler hinted that SEC might be handing some power to Commodity Futures Trading Commission (CFTC) to oversee digital assets.
SEC Chair to share powers?
According to The Wall Street Journal report, SEC Chair said that he looks ahead to working with Congress in order to give some power to CFTC. It might regulate certain digital assets like Bitcoin. He added that the agency needs more authority to supervise and form regulations around the crypto space.
Earlier, Coingape reported that the CFTC is likely to get the upper hand in regulating the Digital assets market against SEC.
However, the SEC Chair led the CFTC from 2009 to 2014. Gensler mentioned that he accepted sharing a job with the lawmakers as long it doesn’t takes authority from the SEC.
SEC Chair highlighted that it is needed to be ensured that we don’t undermine securities law which covers the $100 trillion cap market. He added that US securities laws have made their capital markets the envy of the world.
CFTC to get hold of crypto?
As per the report, Senate Agriculture Committee is looking to pitch the legislation assigning oversight over Bitcoin and Ethereum. As of now, CFTC holds the power to regulate just derivatives like futures and swaps.
CFTC Chair has also asked Congress to pass a law allowing them to regulate cash markets. However, it will include some type of crypto. While providing them with funding to conduct extra oversight.
Meanwhile, SEC Chair’s recent comments hint that his commissions shouldn’t oversee BTC. It has said that other digital assets are securities that fall under its authority.
However, the commission is on a spree of filing lawsuits against crypto exchanges and blockchain firms.
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