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SEC chief backs CFTC on having jurisdiction over bitcoin

Gary Gensler, the head of the United States Securities and Exchange Commission, favours legislation that would provide the Commodity Futures Trading Commission additional control over cryptocurrencies, presumably on the condition that it does not tread on the SEC’s jurisdiction.

In written remarks for a programme hosted on Thursday by the Practising Law Institute, Gensler encouraged intermediaries in the cryptocurrency space as well as crypto security token projects and possibly stablecoins to register with the SEC, reiterating his “come in and talk to us” approach. He also urged these entities to “come in and talk to us” about the potential for regulating stablecoins.

According to the chair of the Securities and Exchange Commission (SEC), the “vast majority” of the approximately 10,000 tokens that are traded on the cryptocurrency market are securities that fall under the purview of the agency’s regulatory authority and most likely require legislation to ensure the protection of investors.

Depending on whether the services were supplied as an exchange, broker-dealer, or custodian, Gensler said that crypto intermediaries may be required to register each of their roles with both the SEC and the CFTC. This would apply to all of the tasks that the intermediary performs.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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