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The CFTC is close to becoming the primary supervisor of cryptocurrency in the United States of America

The CFTC is close to becoming the primary supervisor of cryptocurrency in the United States of America

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Answer The CFTC is close to becoming the primary supervisor of cryptocurrency in the United States of America

According to a commissioner with the Commodity Futures Trading Commission, US policy makers are close to putting the agency at the helm of cryptocurrency regulation.

This appointment will expand the CFTC’s mandate and pave the way for it to regulate digital assets such as cryptocurrencies and non-fungible tokens (NFTs).

Summer Mersinger made the comments this week at the Reuters US commodity trading conference in Texas.

From an industry development perspective, CFTC regulated cryptocurrencies would be a much better option than the Securities and Exchange Commission (SEC), whose Chairman Gary Gensler believes they are securities that should be regulated like stocks.

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Previously, he referred to stablecoins and casino poker chips.

Support for a crypto bill led by Cynthia Loomis:

Several crypto industry executives supported a bill that US Senator Cynthia Loomis introduced with Kirsten Gillibrand on June 7 to make the CFTC the primary regulator of the crypto industry.

Mersinger commented:

The crypto community unites around the CFTC to become the main regulator.

However, the bill has not yet been passed, but it has begun its debate in Congress about who and who should regulate the crypto industry.

In April there were reports that the two agencies would join forces to regulate cryptocurrency, but that appears to have subsided.

Mersinger noted that the CFTC has begun reviewing its potential role on cryptocurrencies.

Currently, employees are looking for regulation of the cryptocurrency trading markets as a starting point.

Added:

We are still a strong regulator, but our registrars have a great deal of flexibility.

This flexibility will not exist if the Securities and Exchange Commission (SEC) becomes the industry regulator because crypto companies will need to jump through the same hoops as banks and stockbrokers to register and be approved.

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If the CFTC becomes the industry watchdog, most digital assets will be treated as commodities rather than securities.

Rustin Behnam, chair of the CFTC, approved the bill on June 8, saying:

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One of the hardest things we have to do — and I think they handle this very well — is to decouple crypto from being a commodity or a security.

A win for the cryptocurrency industry:

The Messari founder commented that the bill could also speed up approval of an ETF in the US and remove Gensler’s decision as the current barrier.

The CEO of Galaxy Digital also endorsed the bill and said it was very positive, stating:

It’s shocking how many Democratic politicians I have right now in office trying to define the right stance on the cryptocurrency industry.

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