The CFTC commissioner argues that the SEC has no power over encryption

As the U.S. Securities and Exchange Commission (SEC) expands the scope of supervision of the cryptocurrency industry, a commissioner of the Commodity Futures Trading Commission (CFTC) believes that crypto regulation does not fall within the jurisdiction of the SEC.

CFTC Commissioner Brian Quintenz said on Twitter on Wednesday Announce Cryptocurrencies like Bitcoin (Bitcoin) Should be regulated by the CFTC, not the SEC.

Quintenz emphasized that cryptocurrencies are commodities and therefore fall under the jurisdiction of the CFTC, not securities regulated by the SEC, and pointed out:

“So we are very clear here that the US Securities and Exchange Commission has no authority over pure commodities or their trading venues, whether these commodities are wheat, gold, oil… or encrypted assets.”

About half an hour after former CFTC chairman Christopher Giancarlo made a similar statement on Twitter, Quantumz made the above remarks, saying that the CFTC is the only US regulator with experience in regulating the Bitcoin and cryptocurrency markets.

“If the Biden administration takes reasonable cryptocurrency regulation seriously, it needs to nominate a CFTC chairman,” Giancarlo pointed out.

The U.S. House of Representatives Standing Committee and the U.S. House of Representatives Agriculture Committee subsequently supported Quantengz’s statement.The official Twitter account of the committee debate Encryption is “bigger than the US Securities and Exchange Commission,” and Congress “needs to formulate rules of the road to protect investors and innovation in the digital economy.”

related: “Satoshi Nakamoto’s innovation is real,” said SEC Chairman Gary Gensler

The new statement is clearly in response to the recent remarks made by SEC Chairman Gary Gensler Call for stronger supervision The crypto industry expands the scope of supervision through decentralized exchanges.According to reports, Gensler Overview There have been many discussions about what digital assets should fall within the purview of the US Securities and Exchange Commission, because the agency has previously confirmed major cryptocurrencies such as Bitcoin and Ethereum (Ethereum) Not a security.