Gary Gensler Says SEC Is in Talks With the CFTC Over Crypto

by in Cryptocurrency News

SEC CFTC crypto

The US Securities and Exchange Commission (SEC) intends to collaborate with other government agencies to increase oversight of cryptocurrency exchanges and companies. In an interview with Financial Times, SEC chair Gary Gensler said he is holding discussions with his colleagues from the Commodity Futures Trading Commission to sign an agreement. It will be a one rule book to fill the gaps in fragmented regulation, as well as "provide appropriate guarantees and transparency" in the sector of digital asset trading.

Related: SEC Starts Investigations Into Insider Trading on Crypto Exchanges

Gensler explained that the regulator's jurisdiction includes companies offering tokens classified as securities. The agreement provides for the transfer of information about a CFTC product if a digital asset meeting the definition of a product appears on an SEC-controlled platform.

The head of the SEC emphasized that a single set of rules would benefit the crypto industry as it would increase consumer confidence in the digital asset market.

In April, a group of members of the US House of Representatives introduced a bill establishing direct oversight of certain types of crypto transactions and bitcoin exchanges under the auspices of the CFTC.

The document introduces the term digital commodity. It is assumed that the issues of regulation of issuers of such assets and their trade are transferred to the competence of the department. The SEC, in turn, continues to oversee tokens with securities properties.