According to a recent report, SEC boss Gary Gensler believes the CFTC should be in charge of regulating bitcoin.
At an industry conference, US Securities and Exchange President Gary Gensler suggested that the Commodity Futures Trading Commission, its sister regulatory agency, should be responsible for overseeing bitcoin.
Gensler also urged lawmakers not to denigrate his agency, saying US securities laws are “the envy of the world.”
As reported by U.Today, Gensler told Sens. Opposed a cryptocurrency bill introduced by Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY). The law would classify a large number of cryptocurrencies, thus making the CFTC the main regulator of the industry.
Gensler claimed the bill would undermine the US $100 trillion US capital market by stripping the US of rights
In late June, Gensler reiterated that bitcoin is a commodity, providing much needed regulatory clarity.
Meanwhile, the SEC chief believes that most tokens are commodities.
Notably, Gensler has repeatedly avoided questions about the status of Ethereum’s securities, explaining that he would not make public comments about the separate token.
In his speech, Gensler once again urged cryptocurrency platforms to come and register with regulators.
In May, the SEC dramatically increased its staff as it had to deal with a growing number of cryptocurrency cases.
Gensler has become a nemesis of the cryptocurrency industry due to his aggressive approach to cryptocurrency regulation.
As U.Today reports, billionaire Mark Cuban recently criticized the SEC for not publishing comprehensive guidelines for the crypto industry.
In what appears to be an act of desperation, cryptocurrency investors began signing a petition last month calling for Gensler to be fired from his job.