Since the beginning of the current year, the Securities and Exchange Commission of the United States has started taking more interest in the cryptocurrency industry. It is quite evident from the industry’s recent interest and input in many matters related to the cryptocurrency industry.
Ever since the cryptocurrency sector started making into the United States sector, the Securities and Exchange Commission has taken several steps to control it.
However, there is one person who is now arguing and disputing the interference of the Securities and Exchange Commission into the cryptocurrency industry. The sources suggest that it is the Commodity Future Trading Commission’s (CFTC) commissioner who has raised questions of the SEC’s involvement with cryptocurrencies.
The commissioner at the CFTC has made it clear that from no perspective or angle does the cryptocurrency industry fall under the jurisdiction of the US SEC.
The reports suggest that the CFTC Commissioner, Brian Qunitenz, made a statement on the matter through his Twitter profile on Wednesday, August 4, 2021. Through his Twitter profile, he raised concerns over the handling of cryptocurrencies by the Securities and Exchange Commission of the United States.
He stated that there is no way the Securities and Exchange Commission would handle cryptocurrencies or digital assets. Instead, the cryptocurrencies must be handled fully by the Commodity Future Trading Commission.
Qunitenz presented his argument claiming that no matter the cryptocurrency or the digital asset, it must be handled by the CFTC instead of the US SEC.
Qunitenz further elaborated his concern over the matter, making more claims around the handling of cryptocurrencies by the US SEC. He stated that when it comes to trading venues or pure commodities, the Securities and Exchange Commission has no authority over them.
No matter the commodity it may be such as oil, gold, wheat, or even cryptocurrency assets, the US SEC has no say or authority over either of them. This is the reason why the US SEC has no say when it comes to cryptocurrencies or the way they are being handled/distributed in the United States.
Quintenz is not the only person from the CFTC who has shared his concerns over the cryptocurrency handling of the US SEC. Hours before Qunitenz made his statement on Twitter, it was Christopher Giancarlo, the former chairman at CFTC who made a similar kind of statement.
In the statement, Giancarlo stated something similar about the US SEC that Qunitenz had commented about. He stated that it is the CFTC in the United States that has the required amount of experience and knowledge around handling markets for cryptocurrencies, including Bitcoin (BTC).
Therefore, if Joe Biden is interested in setting the right values and processes around cryptocurrencies, he needs to look at the situation. Biden’s administration needs to realize the flaw here and make things right by letting the CFTC handle cryptocurrencies, instead of the US SEC.