SEC Chairman Supports Power Transfer on Crypto to CFTC

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The SEC Chairman Gary Gensler plans to support the US Congress granting additional powers to regulate the crypto market to the Commodity Futures Trading Commission (CFTC).

During his speech at the Institute of Practical Law, he has said:

“I believe that out of almost 10,000 tokens on the crypto market, the vast majority are securities. Offers and sales of these assets are subject to the relevant laws.”

These coins, as well as the intermediaries that offer them, are subject to regulation by the SEC.

However, in some cases, the powers of the regulator overlap with the CFTC, which needs more rights to control and oversee the crypto market.