- Former CFTC Chairman wants CFTC to supervise crypto in place of other agencies.
- The current CFTC Chief thinks alike.
- CFTC has the potential to regulate the market to maintain its financial stability.
On Friday, in an interview with Yahoo Finance, former CFTC Chairman J. Christopher Giancarlo said that the Commodity Futures Trading Commission (CFTC) should be regulating crypto instead of the Securities and the Exchange Commission (SEC).
Earlier, CFTC Chief Rostin Behnam suggested the same. He said, “The CFTC has responsibly and aggressively been pursuing enforcement cases in the digital asset marketplace for many years now.” He even said that crypto is an emerging market, and given its size, it is sure to scale, which will involve financial stability risks. Therefore, to monitor this, Behnam said that CFTC is ready to act as a “primary copy on the beat.”
Amidst the debate of overlooking digital currencies, the White House is a comprehensive strategy. Giancarlo says that it is time for Congress to take charge and give CFTC the right to supervise this field. He said that CFTC could also help regulate the retail market to support his statement. He said, “…those markets would have a well established federal regulator overseeing those markets, and looking after things like consumer protection, and adequate funding and protections against fraud and manipulation of those markets.”
Gary Gensler has also requested administrators to propose a regulation, but this year is not expected. However, Gary said, “We also need to have a conversation about market regulation and sort of the exchange, the purchase and sale of these coins in a regulatory structure for both securities and commodities.”