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CFTC Chairman on US Crypto Regulation: We Have to Rely on 70-Year-Old Case Law to Determine What’s a Security or Commodity

CFTC Chairman on US Crypto Regulation: We Have to Rely on 70-Year-Old Case Law to Determine What’s a Security or CommodityThe chairman of the Commodity Futures Trading Commission (CFTC) says his agency and the Securities and Exchange Commission (SEC) “have to rely on 70-year-old case law to determine what’s a security or a commodity.” He stressed that the SEC and CFTC are working together to regulate the crypto space, noting that “It’s not a turf […]

CFTC Chairman on US Crypto Regulation: We Have to Rely on 70-Year-Old Case Law to Determine What’s a Security or Commodity

The chairman of the Commodity Futures Trading Commission (CFTC) says his agency and the Securities and Exchange Commission (SEC) “have to rely on 70-year-old case law to determine what’s a security or a commodity.” He stressed that the SEC and CFTC are working together to regulate the crypto space, noting that “It’s not a turf war.”

CFTC Chairman on Crypto Regulation, Working With SEC

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam talked about cryptocurrency regulation in an interview with CNBC last week.

Responding to a question about whether the CFTC gets along with the Securities and Exchange Commission (SEC) and whether the two agencies share resources to regulate the crypto sector, he affirmed:

We do get along. We can share, we have shared, and we will share.

“For the CFTC, the difficulty is we are a derivatives regulator. We don’t oversee the cash markets. So, the authority that I’ve been asking Congress for is cash authorities, so that we can go in the bitcoin cash market, the ether cash market, and the other digital commodity token [markets],” the CFTC chief explained.

Commenting on SEC Chairman Gary Gensler stating that the majority of crypto tokens out there are securities, Behnam stated: “Well, we’re gonna have to figure that out legislatively because it’s a new asset class. There are different components and characteristics of this asset class as opposed to traditional asset classes.” The CFTC boss described:

We have to rely on 70-year-old case-law to determine what’s a security, what’s a commodity.

“We have one court case in New York that says bitcoin is a commodity … We’re trying to find a reasonable outcome that will create certainty for the market,” he concluded.

Behnam also stressed that “it’s not a turf war” between the two regulatory agencies.

SEC Chairman Gensler also previously said that the two regulators are working together to regulate the crypto sector. While Gensler admitted that bitcoin is a commodity, he said last month that “Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities.”

Last month, the SEC announced that it is setting up a dedicated office to review crypto filings. Gensler also said that he has asked SEC staff to fine-tune crypto compliance.

What do you think about the comments by the CFTC chairman? Let us know in the comments section below.

Source: Regulation Archives – Bitcoin News

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Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset AgendaAccording to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors. Commission to Promote ‘Sensible […]

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors.

Commission to Promote ‘Sensible Digital Assets’

The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.

According to a Bloomberg report, the NSEC is keen on promoting what the institution’s director general Lamido Yuguda calls “sensible digital assets.” Yuguda explained:

The commission is in the business of protecting investors, not in the business of speculation.

In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain’s use in advancing virtual and traditional investment products.

In May, the NSEC unveiled new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.

“Any asset that is traded in the Nigerian capital market requires the joint approach of different regulators,” the director-general reportedly said.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Regulation Archives – Bitcoin News

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