SEC Chairman Gary Gensler endorsed the idea of giving direct mandate to the Commodity Futures Trading Commission (CFTC).
The CFTC has requested direct authorization over digital assets that the US classifies as commodities. Gary Gensler, in his speech today, talked about giving authority to the CFTC.
Support from the SEC Chair to the CFTC
SEC Chairman Gary Gensler supports expanding his former agency’s power over the digital asset markets beyond its current role in futures and derivatives.
Speaking at an event at Georgetown University, Gensler endorsed the idea of giving Congress direct authority over certain tokens to the CFTC, which he previously chaired. With this support, the CFTC has gained a strong ally in its quest for authority over the crypto spot markets.
Stating that projects that do not fall under the jurisdiction of the SEC do not exceed a finger or two, Gary Gensler said the following about the authorization:
“I think the CFTC could have more power. They currently do not have direct regulatory powers over the underlying non-security tokens.”
Gensler’s support for expanding the CFTC’s mandate follows the advice of the Financial Stability Oversight Council, made up of US regulators.
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