Commodity Futures Trading Commission (CFTC) Commissioner, Brian Quintenz, doubts that the US Securities and Exchange Commission (SEC) has any authority not only over wheat, gold or oil, but also cryptocurrencies. According to Quintenz, all cryptocurrencies fall under the jurisdiction of the CFTC, not the SEC.
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Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil….or #crypto assets.
— Brian Quintenz (@CFTCquintenz) August 4, 2021
Quintenz's comments come after SEC Chair, Gary Gensler, said that the agency is looking at different crypto issues, including initial coin offerings, lending platforms and decentralized finance (DeFi). In particular, Gensler is concerned that people will find new ways of getting into crypto, including peer-to-peer (p2p) lending on DeFi platforms. He also warned these loans could be under SEC oversight if firms are advertising a specific interest-rate return on a crypto asset.
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