Former CFTC chairman Christopher Giancarlo argued that the CFTC is the only US regulatory agency that has experience regulating markets for Bitcoin and crypto.
Amid the United States Securities and Exchange Commission (SEC) expanding the scope of oversight of the cryptocurrency industry, a commissioner with the Commodity Futures Trading Commission (CFTC) argued that crypto regulation doesn’t fall under the SEC’s jurisdiction.CFTC commissioner Brian Quintenz took to Twitter on Wednesday to declare that cryptocurrencies like Bitcoin (BTC) should be regulated by the CFTC rather than the SEC.Quintenz stressed that cryptocurrencies are commodities and thus fall under the CFTC’s jurisdiction, as opposed to securities that are regulated by the SEC, stating:“Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil….or crypto assets.”Quintenz’s remarks came just about half an hour after former CFTC chairman Christopher Giancarlo made a similar statement on Twitter, arguing that the CFTC is the only US regulatory agency that has experience regulating markets for Bitcoin and crypto.“If the Biden Administration is serious about sensible cryptocurrency regulation, it needs to nominate a CFTC chairman,” Giancarlo noted.Only one US regulatory agency has experience regulating markets for #Bitcoin & #Crypto and it is not @SECGov. It
