Saturday 10 September 2022 ▪ 2:00 pm ▪
min read – with
At the moment, Uncle Sam’s country has not yet decided on the legality of bitcoin and cryptocurrencies. However, its rulers are increasingly in favor of clear regulation of these assets. However, a problem arises with regard to the actors who are supposed to regulate in the United States. Between the SEC and the CFTC, we fear the cannibalistic effect on their respective missions. That’s why Gary Gensler appealed to elected officials to grant the CFTC more power.
Strip the SEC to remove the CFTC?
With at least fifty files in their hands, including those related to the investigations related to the crypto exchanges of the United States and Binance, or even Grayscale, Gary Gensler and his entire team at the SEC must be under siege Seriously. Is this why he thought of dividing the tasks of monitoring cryptocurrency exchanges?
In fact, he has just declared that he is in favor of granting additional powers to the Commodity Futures Trading Commission (CFTC) so that the latter can closely monitor bitcoin. So the question: have they finished solving the problem of definitions of titles and commodities?
Therefore, he appealed to US lawmakers to endorse the CFTC to “ supervise and regulate unsecured cryptocurrencies and related intermediaries “. Provided, of course, that the American Congress does not withdraw its present privileges. So Paul must be undressed at all!
” Let’s make sure we don’t inadvertently compromise the securities laws that underpin the $100 trillion capital markets. Securities laws have made our capital markets jealous “, he emphasized.
Application pending congressional approval
As a reminder, we agree to mention that a request has been issued by the head of the CFTC, Rostin Behnam, to ensure the regulation of cryptocurrencies. Investors need protection, he argued. It was at the beginning of the year.
A few months later, the Senate Committee on Agriculture came forward proposing a law that would give him such power. However, no decision has been made in this regard. So far, the CFTC can only oversee futures and derivatives swaps.
However, both agencies know how to work hand in hand. Didn’t they recently suggest including cryptocurrencies as an amendment to the PF form? The goal is to get an accurate report and the categories ” Cash and cash equivalents “.
If this amendment is validated, the PF form will see the creation of a new asset subclass for crypto and other digital assets.
It should also be noted that the CFTF, although it was less endowed with powers, was already talking about it in the crypto world. Recently, it blacklisted 34 foreign crypto platforms. These include Bitpay, Algobit, etc. Options. Overall, the black list of the CFTC there are 200 entities.
Last June, the Commodity Futures Trading Commission also ordered Polymarket to pay a $1.4 million fine. The reason is that the latter offered binary options contracts without permission.
And yet in this story of fines, let’s not forget that in October 2021, the same agency forced Bitfinex and Tether to pay a fine of 42.5 dollars. The reason? The latter would have made statements that misled investors and made transactions with Americans.
Admittedly, regulation of the crypto ecosystem is necessary, for investor protection purposes. But it should be noted that regulation does not mean interfering with the progress of crypto projects or going to war with their leaders.
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The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.