In this regard, Giancarlo stressed that it is not possible to have several regulators with such different opinions on the subject, so the idea that the joint working group of the CFTC with the SEC become an office that pronounces itself on crypto issues.
The former president of the U.S. Commodity Futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. Trading Commission (CFTC), J. Christopher Giancarlo, pointed out that there is a need to unify the regulatory criteria between the agency he chaired and the Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) He presented an interesting proposal.
Giancarlo’s statements came during a panel discussion organized by the A merican Enterprise Institute, where the former representative of the CFTC shared space with representatives ofCoinbase, Coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. Center y DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. Education Fund.
In this meeting, Giancarlo supported the position of the other speakers in relation to the need for a single regulator in this area, and commented:
“They’re absolutely right that there should be one regulator… At the end of the day, you can’t have multiple regulators.”
As a proposal to the need for a single regulator on crypto issues, Giancarlo proposed:
“Take the ad-hoc cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. working group that Jay Clayton and I created between the CFTC and the SEC, and turn it into an office, an office of crypto issues, that would have the joint affiliation of the aforementioned entities…it would have its own authorization and its own funding coming from the two committee structures [Banking and Agriculture].”
For Giancarlo, this would be the best proposal as it would allow the new office to work closely with the two regulatory entities, managing first hand the criteria and considerations for both the CFTC as well as by the SEC, making a much more integrated approach when examining both the crypto ecosystem from a general perspective and each of the cases that may arise.
Disputes between the CFTC y la SEC
All those who follow the regulatory scene in the U.S. closely are surely aware that the SEC y la CFTC have been in constant dispute over the approach it would take in relation to cryptocurrencies and certain cryptocurrency-based projects. Blockchain.
While the CFTC has taken a much more conciliatory stance and has repeatedly spoken out to clarify that currencies such as Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. o Ethereum a decentralized open-source blockchain with smart contracts functionality. cannot be qualified as values, the SEC handles a much more conservative outlook and constantly calls attention to a large number of crypto projects, even taking on a legal process currently against the developer of the XRP token, Ripple, which it accuses of the unauthorized sale of securities between 2013 and 2015 after the commercialization of its digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency.
The truth is that, in the most contentious cases for the crypto ecosystem, the SEC y la CFTC have not been able to agree on how to analyse the cases, which has led to some uncertainty as to the applicable legal provisions as the case may be.
Regarding the CFTC, The company argues that it has some jurisdiction over the cryptocurrency space, and in recent months has consistently criticized the SEC and its director, Gary Gensler, for the perspective they are taking on these assets, assuming themselves as the main authorities that could decide on this issue.
- SEC formally rejected Bitcoin ETF an Exchange-traded Fund, an investment fund that users trade on exchanges and trading platforms. application filed by WisdomTree
- Grayscale criticizes SEC for not treating Bitcoin ETFs the same as BTC futures-based ETFs
- Ripple CEO says legal dispute against SEC could end in 2022
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash