US SEC chief says they are working on crypto regulations with CFTC.

SEC Chief Gary Gensler today said that the securities regulator is working together with the CFTC over crypto guidelines.

US Securities Exchange Commission (SEC) Chief Gary Gensler said that the securities regulator is working with the Commodity Futures Trading Commission (CFTC) over crypto guidelines. What’s more, he also said that to ensure investor protection, the SEC is ‘trying to work with different crypto platforms, exchanges, lending platforms.’ In an interview with Bloomberg, SEC Chairman Gary Gensler mentioned cryptocurrency regulation and added that ‘SEC have a broad agenda and crypto is part of that agenda.’ 

“Many of these tokens have the attributes of securities.”

Talking over crypto regulation, Mr. Gensler asserted that ‘the agency is essentially just looking out for investors,’ highlighting that “Many of these tokens have the attributes of securities. They are raising money from the public, and the public is anticipating profits based on the efforts of others,” said SEC Chief. “If you are a platform and you’ve got 75, or 100, or 5,000 tokens on the platform, the possibilities are that a number of them, and possibly a lot of them, are what’s referred to as a security,” he added. 

‘There is no authority to oversee crypto spot trading activity.’

During a Senate Committee hearing, CFTC Chairman Rostin Behnam has cleared that ‘there was no authority to effectively oversee crypto spot trading activity.’ Replying to the query ‘what he thinks over the single most effective action Congress could take to ensure customer protection,’ CFTC Chief replied, ‘Congress should bring regulatory structure to the crypto market.’ The CFTC is requesting more central administrative oversight, including pre and post-trade transparency, in addition to $100 million in funding, as a reference, to add to its current $304 million already put aside in the federal budget.