Gary Gensler said multiple federal agencies could undermine market regulations.
Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), noted regulatory clarity during a session of the Senate Banking Committee.
Gary Gensler Speaks About Regulations
The SEC Chairman used the following statements at the session:
“If we conclude that there is more than one federal agency that defines what a security is, and another agency tries to define it, that could undermine what we are doing.”
Gensler’s statement came while discussing a potential law to give the Commodity Futures Trading Commission (CFTC) more power to designate digital assets as a commodity.
Gary Gensler pointed out that it is important to have a single regulator on the crypto issue.
Cryptoassets are treated more as commodities under the jurisdiction of the Commodity Futures Trading Commission. The CFTC believes these assets are decentralized compared to the SEC.
Gensler, on the other hand, emphasizes that the majority of crypto assets are securities at every opportunity. The other day, Gensler reiterated his call for crypto platforms to register with the SEC.
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