Gensler appeals for one rulebook in negotiations with CFTC over crypto regulations
SEC Chair Gary Gensler is working on an MoU with the CFTC on crypto regulations
By Shashank Bhardwaj
Image: Bill Clark / POOL / AFP
Gary Gensler, Securities and Exchange Commission’s (SEC) chair, is working on a Memorandum of Understanding (MoU) with the officials of digital asset market regulator Commodity and Futures Trading Commission (CFTC) concerning digital asset regulations.
In an interview with Financial Times, Gensler said that the agencies could come together to ensure market integrity. He said that securities and commodities were ‘intertwined’ in the current trading scenario and added, “ I’m talking about one rule book on the exchange that protects all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token.”
The collaborative outlook and Gensler’s efforts to seek an agreement over it with the CFTC come in the wake of a number of legislative moves introduced in the past months toward a more comprehensive digital asset regulatory framework.
It is also notable that the bills that have been introduced so far grant greater authority to CFTC. The Digital Commodity Exchange Act introduced in April, and the Responsible Financial Innovation Act presented in June are two such examples. Senate Agriculture Committee chairman Debbie Snow and Committee member John Boozman are also working on a regulatory bill for cryptos that will expand CFTC powers. The Senate Agriculture Committee oversees the CFTC.
Gensler headed the CFTC from 2009 to 2013. He has expressed scepticism over the changes occurring in the status quo of the market regulator. SEC, on the other hand, has been the foremost authority taking care of crypto regulations but has earned flak from lawmakers and dissatisfaction from the industry for allegedly wanting to enact regulations via enforcement.
Over the years, US regulators have collected over $3.35 billion from the crypto industry via enforcement actions, and 70 percent of the sum has gone to the SEC. While crypto leaders have been vocal about their criticism of the SEC, they have demanded clearer regulations.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

Crypto wallet users are warned as scammers might get active during the potential Ethereum hard fork
Read More..
Major financial institutions of Wall Street come together to set up digital assets exchange with on-chain settlement
Read More..
USDT goes live on NEAR Protocol, making it the 14th blockchain network to support Tether
Read More..
Ford is all set to make a grand entry into the Metaverse with virtual automobiles and NFTs
Read More..
UK advertising authority warns two former 'Love Island' contestants for crypto ads on Instagram stories
Read More..
Voyager Digital assets auction set for September 13 in Manhattan after company declares bankruptcy
Read More..
Data claims that trademark application for crypto, NFTs and Metaverse projects increase in 2022
Read More..
IMF states that crypto regulation needs to become a priority since crypto assets are now mainstream
Read More..
Arcane's expedition for repurposing Bitcoin mining heat can solve the global energy crisis
Read More..
CHZ, LDO and QNT made a bull run in the last 90 days, surpassing returns of top cap crypto assets
Read More..
New update means Facebook and Instagram users can post NFTs through linking their digital wallets
Read More..
Chinese Metaverse incoming! Beijing unveils intentions for two-year Metaverse innovation and development plan
Read More..
Uniswap reportedly looking at NFT financialisation and is talking to several lending protocols
Read More..
Uniswap Foundation gets green light after 99 percent of the community casts their vote in favour of the initiative
Read More..
Kenanga Bank and Ant Group partner up to revolutionise the digital investment management in Malaysia
Read More..
Crypto-aware parents and college graduates want their children to learn about crypto in schools
Read More..
Ready Player Me raises $56 mn in Series B led by a16z to expand its audience in the metaverse
Read More..
Crypto market at risk of a 20 percent drop to new yearly lows after breaking dreams of recovery
Read More..
A sharp increase in hacking this year leads to crypto security experts making $430k salaries
Read More..
SkyBridge Capital's Scaramucci believes that Bitcoin won't hedge inflation until it hits 1 bn wallets
Read More..
Fei Protocol founder proposes ghosting Tribe DAO following hack repayment while Beanstalk relaunches
Read More..
Hit and earn: Indian cricket fans can win as much as $500 a day playing cricket in the metaverse
Read More..
Czech prince William Rudolf Lobkowick is preserving heirlooms from his family's 700-year-old legacy using NFTs
Read More..
CryptoPunks' trading volume surges 1,847% after Tiffany & Co. launches exclusive NFT collection
Read More..
CoinDCX's India entity FY21 profit jumps nine-fold to Rs 4.36 crore, revenue rises to Rs 38.91 crore
Read More..
KuCoin raises $10M amidst the bear market; announces plan to support Indian Web 3 startups
Read More..
Crypto market stuck for now, but Bitcoin to make new all-time-highs within 24 months: Coinshares' CSO
Read More..
Mythical games enters a strategic partnership with NFL to launch play-and-own NFT video game
Read More..
CoinDCX offers an opportunity to its users to generate crypto yield on crypto assets through it's 'Earn feature'
Read More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange Coinberry
Read More..