Chris Giancarlo, the former chairman of the United States Commodity Futures Trading Commission (CFTC), has disclosed that they can regulate crypto assets more effectively than Securities and Exchange Commission (SEC).
He argues that the SEC does not have experience regulating the Bitcoin and Crypto market.
Taking to his Twitter handle, Giancarlo, who served as the 13th CFTC boss under President Donald Trump, said, “If Biden Administration is serious about sensible cryptocurrency regulation, it needs to nominate a CFTC chairman.”
In the United States, crypto regulation is a polarized subject with deviaging approach from several US agencies. A commissioner with US CFTC, Brian Quintenz, cleared “that pure commodities including crypto assets fall under jurisdictions of his agency.”
Giancarlo says that the CFTC can do a better job than SEC to regulate the crypto industry. However, a more careful and functional proposition was offered by Sen. Warren, who sent a letter to Sec Janet Yellen.
At present, the need to bring functional regulators to govern the crypto ecosystem is crucial. The market is looking increasing embrace from both retail and institutional investors.