The boss of one of the largest cryptocurrency companies believes that the US Securities and Exchange Commission will be responsible for regulating those tokens that qualify as securities.
In the meantime, the Commodity Futures Trading Commission (CFTC) will monitor those tokens that have the characteristics of commodities.
Bankman-Fried’s comments follow Coinbase’s recent skirmish with the SEC. According to Cryptooshala, the agency has determined that at least nine cryptocurrencies listed on the largest US cryptocurrency exchange are non-registered securities. The regulator has indicated that most of the tokens listed by Coinbase fall into this category. However, since neither the companies behind the tokens nor the exchange are named in the complaint, they cannot defend themselves in court.
Exchange thrown back against claims the SEC in a blog post claiming it does not list securities. Coinbase has also requested a “specific” regulatory framework for cryptocurrencies from the regulator. The exchange accused the SEC of trying to bring all cryptocurrencies into its jurisdiction, even if they are not securities.
Last October, Coinbase argued that the US government had to create a regulator dedicated to cryptocurrencies, thereby weakening the influence of the SEC.
Early June Bankman-Friend said that federal regulation was “good” for cryptocurrency in an interview with CNBC. In January, he predicted there would be more regulatory clarity this year.
Credit : u.today