Former CFTC commissioner calls SEC approach a threat to the crypto industry
According to Brian Quintenz, over-regulation hinders innovation in the sector
03.10.2022 - 11:45
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What’s new? Brian Quintenz, the former US Commodity Futures Trading Commission (CFTC) commissioner, told DeCrypt that the Securities and Exchange Commission’s (SEC) approach to regulating the crypto market is a threat to the continued growth of the industry. According to Quintenz, the SEC should not expect rules that promote the disclosure of the full potential of innovation. And equating cryptocurrencies with securities will result in companies being unable to meet legally required obligations.
The full version of the interview
What other statements have been made? That said, Quintenz does not consider the very fact that regulation is being introduced to be a bad idea. He stressed that proper regulation can improve the liquidity of the market. In doing so, the benefits of a correct legal framework would outweigh the potential negative consequences for bona fide industry participants.
In September, SEC Chairman Gary Gensler said he would support a bill that would give more oversight authority over certain cryptocurrencies to the CFTC.
On September 1, the SEC and the CFTC launched public consultations on the regulation of cryptocurrency hedge funds. Regulators intend to strengthen hedge fund disclosures and increase monitoring of the industry to reduce potential risks.
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