SEC Chairman Says Bitcoin Is A Commodity And Must Be Regulated By The CFTC. – Latest News

The chairman of the US SEC pointed out in an interview with CNBC that bitcoin, the largest cryptocurrency in the world, is a commodity. Thus, it should be regulated by the CFTC. The latter is an independent US government agency that regulates US derivatives markets.

SEC protects cryptographic tokens.

The SEC Chairman added in his statement that only the Bitcoin could be considered a commodity. Furthermore, other crypto-currencies or altcoins could be considered securities. This statement caught the attention of the community cryptowho questioned the status ofEthereumwhich will likely be considered a title.

people said in response to a question from Jim Cramer of CNBC : “Some, like Bitcoin, and that’s the only one, Jim, I’m going to say because I’m not going to talk about any of those tokens, my predecessors and others have said, they’re a commodity.”

Additionally, Gensler added that many of these crypto financial assets have the characteristics of securities. It also suggests that they are therefore subject to the jurisdiction of the SEC.

“The investing public expects a return. Just like when investing in other financial assets that we call securities,” added.

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The SEC, the CFTC and banking regulators in collaboration on the crypto

Report Says SEC Chairman Speaks About Crypto Regulation At SEC Annual Conference Financial Industry Regulatory Authority. He stated that ” he there is a lot to do”. He pointed out that there is a lack of trust in the industry, as investors do not receive financial information.

people then commented on the SEC’s collaboration with other federal regulators to oversee the crypto industry. This include the CFTC and banking regulators. He pointed out that many crypto tokens are currently trying to operate in non-compliant ways.

The SEC chief then mentioned the stablecoinsnoting:He there is work to do there around stable parts… to truly protect the investing public. »

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Last week, people has proposed “a rule book” for the regulation of the crypto sector. During Monday’s interview, Cramer brought up Fidelity investment allowing bitcoin as an option for 401(k) plans (k) – the decision that troubled the Ministry of Labor.

“There are a lot of risks in crypto. There are also a lot of risks in traditional stock markets. In the USA…we have market regulators like the CFTC and the SEC to help protect the public against fraud and market manipulation. »

people added that there are currently thousands of crypto tokens that do not comply with laws, noting that when a group of entrepreneurs sells something to the public, there must be “full and fair disclosures”.

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SEC Chairman Says Bitcoin Is A Commodity And Must Be Regulated By The CFTC. – Latest News

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