Christopher Giancarlo: "Only CFTC can regulate cryptocurrencies" – Bits Media

Former Chairman of the Commodity Futures Trading Commission approves, that the CFTC is the only agency in the United States, experienced in regulating cryptocurrency markets.

American regulators are actively arguing about whether, who will get the regulation of the cryptocurrency market. While the chairman of the US Securities and Exchange Commission (SEC) claims, that SEC needs great powers to regulate cryptocurrency markets, Former CFTC chairman considers, that this question does not fall under the jurisdiction of the SEC at all.

He even said, what if the Biden administration "takes cryptocurrencies seriously", then their regulation must be transferred to CFTC as the only department, having the experience of regulating the cryptocurrency market.

Only one US regulatory agency has experience regulating markets for #Bitcoin & #Crypto and it is not @SECGov. It is @CFTC. If #BidenAdministration is serious about sensible #Cryptocurrency #regulation, it needs to nominate a CFTC #chairman.

— Chris Giancarlo (@giancarloMKTS) August 4, 2021

Current CFTC Commissioner Brian Kintentz (Brian Quintenz) This week also stated
on twitter, that cryptocurrencies should be regulated by CFTC, not SEC. Kintentz emphasized, that cryptocurrencies are exchange products and therefore fall under the jurisdiction of CFTC, Unlike securities, which are regulated by SEC. He declared:

“Let's be aware. SEC has no authority to regulate exchange goods or sites, Where they are trading, again the trench, gold, Oil ... or crypto assets ".

Comments of the Quentents were published about half an hour after that, as a former CFTC chairman Christopher Dzhancarlo (Christopher Giancarlo) made a similar statement on Twitter.

Committee on Agriculture of the House of Representatives of the US Congress, Subsequently supported the statement of the quintent and stated, that Congress "needs to develop rules of conduct to protect investors and innovations in a digital economy".

This week, SEC chairman Gary Gensler emphasized the importance of regulating trade and credit platforms for cryptocurrency. At the beginning of the week he said, that it is necessary to strengthen the control over Defi to protect investors.