THELOGICALINDIAN - Two US assembly accept apprenticed the administrator of the Securities and Exchange Commission SEC and the acting administrator of the Commodity Futures Trading Commission CFTC to authorize a collective alive accumulation for the adjustment of crypto assets
SEC and CFTC Urged to Collaborate on Crypto Regulation
U.S. Representatives Patrick McHenry and Glenn “GT” Thompson beatific a letter to SEC Chairman Gary Gensler and acting CFTC Chairman Rostin Behnam Monday apropos cryptocurrency.
McHenry is the baronial affiliate of the House Financial Services Committee while Thompson is the baronial affiliate of the House Committee on Agriculture.
The letter begins by referencing Gensler’s comments to Senator Elizabeth Warren advertence that “additional authorities” and “resources” are bare for the blank of the crypto industry. McHenry ahead raised concerns that Gensler absent administration over all crypto exchanges, including non-securities ones, is “a arrant ability grab that will aching American innovation.”
The letter to Gensler and Behnam states:
McHenry and Thompson explained, “This is the ambition of H.R. 1602, the Eliminate Barriers to Innovation Act of 2021, which passed the U.S. House of Representatives in April.”
H.R. 1602 is a bipartisan act that requires the SEC and CFTC “to authorize a collective alive accumulation on agenda assets with bazaar participants, organizations complex in bookish research, and broker aegis organizations, amid others,” the two assembly detailed. They emphasized that annihilation prevents the two agencies from creating a alive accumulation beneath absolute law.
“A alive accumulation on agenda assets would accredit both the SEC and CFTC to analyze how to finer use their accepted administration cooperatively,” the letter adds.
While the SEC claims administration over all crypto-related securities, including exchanges that barter them, the CFTC has administration over crypto assets, which are advised commodities. A CFTC abettor clarified beforehand this month: “Just so we’re all bright here, the SEC has no ascendancy over authentic bolt or their trading venues, whether those bolt are wheat, gold, oil …. or crypto assets.”
The lawmakers’ letter to the two agencies concludes:
What do you anticipate about the suggestions by Reps. McHenry and Thompson? Let us apperceive in the comments area below.
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