The Securities and Exchange Commission (SEC) Chair Gary Gensler stated that his agency is exploring how to split oversight of crypto between the regulator of commodities and the SEC.
- Even though the SEC has jurisdiction over securities, the CFTC regulates the US. derivatives markets, prompting a debate over the agency that should take the leader in regulating crypto.
- Gensler noted that securities and commodities are interlinked on today’s crypto trading platforms, signaling neither agency could act as a sole regulator over such platforms.
- The SEC Chair shared his customary views at the conference, which targeted the future of crypto, stating that the recent industry advertising does not equate with credibility.
Gensler stated that there is a lot of innovation but plenty of hype, further noting like in other start-up fields, many projects are likely to fail.
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