Chairman of the Securities and Exchange Commission, Gary Gensler, has called for greater regulatory oversight over cryptocurrency platforms to ensure investor protection. In addition, the regulator seeks to collaborate with the Commodity Futures Trading Commission (CFTC) to monitor platforms that allow trading of both crypto commodity tokens and crypto security tokens.
During his speech at the Capital Markets Association Annual Conference hosted by the University of Pennsylvania, Gensler remarked:
“In particular, I’ve asked staff to work with the Commodity Futures Trading Commission (CFTC) on how we jointly might address such platforms that might trade both crypto-based security tokens and some commodity tokens, using our respective authorities.”
The SEC chairman has long been aiming to bring the cryptocurrency industry under its oversight. He has several times claimed that only a “small number” of cryptocurrencies currently trading in crypto markets are not securities. Since then, Gensler has supposedly changed his stance, given his latest remarks on collaboration with the commodities regulator.
“You know someone is starting to lose control of the narrative when they publicly call for coordination.” Brian Quintenz, a former commissioner of the CFTC, tweeted in response to Gensler’s speech.
Hahaha. You know someone is starting to lose control of the narrative when they publicly call for coordination. https://t.co/fCjfJcogkY
— Brian Quintenz (@BrianQuintenz) April 4, 2022