The main problem is that the Securities and Exchange Commission, in principle, is not suitable for regulating the cryptocurrency industry, the expert says.
Former Commodity Futures Trading Commission (CFTC) member Brian Quintenz said he understands the dissatisfaction of the crypto industry with the way it is regulated by the Securities and Exchange Commission (SEC). However, according to the former official, this is not the main problem:
“I think the crypto industry wants rules that match its ambitions and technologies that really allow innovation to develop, realizing the full potential of this field of activity. But it is hardly worth expecting something like this from the SEC.”
While at the CFTC, Quintenz led the listing of Bitcoin futures contracts in the US, as well as the creation of tokenized commodities. He currently works as a consulting partner in the crypto division of venture capital firm Andreessen Horowitz (a16z).
Some regulators, says Quintenz, are trying to approach the regulation of the crypto industry more carefully in order to protect against sudden changes in certain rules. If the SEC were more serious about the matter, it would try to fit itself into the existing ecosystem without exposing it to a threat, Quintenz says, referring to the joint work of the regulator and the industry.
Now the SEC regulates the crypto industry quite tightly, which leaves almost no chance for the CFTC to make a contribution. All hope now is on the US Congress, which can develop rules allowing the CFTC to take control of the spot trading of cryptocurrencies.
Now the CFTC is defending the position in Congress that crypto assets are inherently a commodity that falls under the jurisdiction of the agency.
Source: Bits
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