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Gensler Says SEC Exploring Shared Role With CFTC Over Crypto Platforms
The SEC chief suggests securities and commodities “intertwined” in current trading venues.
Securities and Exchange Commission (SEC) Chair Gary Gensler said his agency is considering how to split oversight of crypto trading platforms between the SEC and the regulator of U.S. commodities, as most platforms include tokens that fit definitions of securities as well as commodities.
“I’ve asked staff to work with the Commodity Futures Trading Commission (CFTC) on how we jointly might address such platforms that might trade both crypto-based security tokens and some commodity tokens,” he said during Monday remarks at an event hosted by the University of Pennsylvania’s law school.
STORY CONTINUES BELOW
Gensler said securities and commodities are “intertwined” on today’s crypto trading platforms, suggesting neither agency could act as a sole watchdog over such venues.
The chairman shared his customary suspicions at the conference, which focused on the future of crypto, saying all the recent industry advertising – including during the Super Bowl – doesn’t equate with credibility.
“There is lots of innovation, but plenty of hype,” Gensler said. “As in other start-up fields, many projects likely could fail.”
Jesse Hamilton
Jesse Hamilton is CoinDesk's deputy managing editor on the Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he worked for more than a decade covering Wall Street regulation at Bloomberg News and Businessweek, writing about the early whisperings among federal agencies trying to decide what to do about crypto. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. He has no crypto holdings.
