The Trump administration told the TV channel that uncertainty surrounding the classification of digital assets and the reluctance of the Securities and Exchange Commission (SEC) to develop specific rules led the agency to regulate the market through enforcement measures.
“The SEC is waging a three-year crackdown on crypto industry participants to reinforce public perception that most cryptocurrencies other than Bitcoin are securities. This position has made the head of the SEC and the agency extremely unpopular in the US crypto market, which prompts us to favor the CFTC as the future main regulator of the industry,” a source in the Trump administration told FOX Business.
Former CFTC Chairman Chris Giancarlo told FOX Business that with sufficient funding and the right leadership, “the CFTC could immediately begin regulating digital goods on day one of Donald Trump’s presidency.” The decision would be a step toward providing regulatory clarity, at a time when no U.S. regulator currently has clear jurisdiction over spot market transactions, the former official added.
Earlier, the co-founder of the Gemini cryptocurrency exchange, Tyler Winklevoss, called the chairman of the US Securities and Exchange Commission, Gary Gensler, a sociopath who almost paralyzed the crypto industry.
Source: Bits
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