In Timothy mass: "SEC and CFTC should be united to regulate the industry" – Bits Media

Former Chairman of the Commodity Futures Trading Commission (CFTC) US Timothy Massad proposed that the SEC and CFTC create a committee to regulate, sponsored by the cryptocurrency industry.

In Timothy mass (Timothy Massad) stated, that current gaps in industry regulation can be filled, if the Securities and Exchange Commission (SEC) The US and the CFTC will unite into a self-regulatory organization (SRO). He added, that currently “no agency has the authority” to regulate the sector.

“There is a gap in terms of regulation, what I would call the crypto asset market, which are not securities", – said the former chairman of the CFTC.

Massad noted, that the CFTC has assumed the role of the main cryptocurrency regulator, because now such exchanges, as CME, have active Bitcoin futures markets (BTC) and ether (ETH). Meanwhile, SEC took action against crypto companies, because it considers some digital assets to be securities.

According to Massad, who headed the CFTC for nearly three years during the Obama administration, and now a fellow at the School of Government at Harvard University, SRO-based supervisory collaboration “could be a way to develop standards for the cryptocurrency market”.

This decision will prevent regulators from getting bogged down in debates about whether, Should digital assets be considered a security or a commodity?. At the same time, sponsor the work of the committee, as is the case with other SROs, there will be a regulated industry.

Probably, the creation of another regulator will be negatively perceived by the cryptocurrency community and the US authorities. Especially, that the US House of Representatives Agriculture Committee recently introduced a bill, which grants the CFTC exclusive authority to regulate cryptocurrency transactions.