The chairman of the US securities regulatory body Gary Gensler supported the proposal to enhance the engagement & power of the Commodities regulatory body in crypto industry alongside SEC.
The United States Securities and Exchange Commission (SEC) is a Securities regulatory body, which regulates all the spot money market, including security assets. In the past years, the SEC agency showed strict stances over the crypto Industry and also this agency showed that it has more regulatory dominance in the crypto sector but now CFTC agency may play some important role in the crypto space.
On 8 September, Wall Street Journal reported that SEC chairman, Gary Gensler, supported a bill that seeks to furnish the Commodity Futures Trading Commission (CFTC) with more regulatory powers over non-security Crypto assets.
The report noted that Gary talked about this bill during a conference and also he said that the SEC agency will not lose any regulatory power even though the CFTC agency will secure more power to interfere in the crypto space, after approval from Congress.
So here we can say that the SEC agency will remain ready to hit the crypto industry, as it was hitting earlier. And also CFTC agency may bring new challenges for the crypto Industry but still besides these negative assumptions, a few experts are saying that it will bring better clarity on the nature of crypto assets, and further it will help the crypto companies to provide services with better confidence.
Gary Gensler: a crypto critic
In 2021, Gary Gensler joined the SEC agency. Initially when Gary joined the SEC agency then everyone was thinking that he might play an important role to push crypto adoption because many people were thinking that Gary is a blockchain & crypto technology-friendly person but later it happened the opposite.
In the past, Gary passed many statements in favor of cryptocurrencies, especially about Bitcoin & backend technology Blockchain, so expectation by the crypto sector from the new SEC chairman was normal.