The head of the SEC, Gary Gensler, recently announced the need to legalize the cryptocurrency industry as soon as possible.
In his opinion, the SEC should control this market. Gensler proposed to classify digital assets as securities.
However, there is another important regulatory body in the United States - the Commodity Futures Trading Commission (CFTC).
A conflict is brewing between these two state structures, which may develop into an open confrontation. Each party believes that only it has the right to regulate relations between participants in the crypto market.
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Former CFTC chief Christopher Giancarlo raised the issue again on Twitter. He posted a post in which he noted that only the CFTC should have the right to engage in crypto regulation.
According to the ex-official, if the Joe Biden administration wants to reasonably approach the issue of control over the blockchain industry, then it should transfer the appropriate powers to the Commodity Futures Trading Commission.
Giancarlo's position is shared by the current CFTC Commissioner Brian Quintenz. He also took to Twitter to give his point of view.
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Kuitenz emphasized: "Let's clarify now. The SEC does not have the authority to regulate commodities, be it gold, oil, wheat, or cryptocurrencies."