CFTC Commissioner Brian Quintenz said the SEC and his agency share the responsibility for regulating securities futures and, from the CFTC’s point of view, ether is not a security.
Experienced Cryptocurrency Regulation Expert and Partner at Hogan & Hogan Law Firm Jeremy Hogan asked on Twitter, a question to the chairman of the US Securities and Exchange Commission (SEC) Gary Gensler about the legal status of ETH. However, Commissioner for the Commodity Futures Trading Commission (CFTC) Brian Quintenz beat Gensler and expressed position of your agency.
In his question to Gensler, Hogan noted that the SEC chairman is very knowledgeable about what ETH is. In addition, the regulator recently said that the US securities legislation is very clear. In this regard, the lawyer asked to clarify whether the SEC considers ether to be a security. CFTC Commissioner Brian Quintenz responded faster than his SEC counterpart.
He clarified that the SEC and CFTC share responsibility for regulation in the segment of futures contracts on securities. At the same time, futures contracts for the price of ether are exclusively within the competence of the CFTC. Quintentz added that net commodity derivatives are regulated in this way. This is why ETH should not be viewed as a security.
Quintenz previously stated that cryptocurrencies should be regulated by the CFTC, not the SEC. Cryptocurrencies are exchange-traded commodities and therefore fall under the jurisdiction of the CFTC, as opposed to securities that are regulated by the SEC, he said.
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