Chairman CFTC: Need to be clearer about tokens securities within the U.S. as well as broader international cooperation on regulation
According to current Chairman of the Commodity Futures Trading Commission (CFTC) Heath Tarbert, pending concerns between the cryptocurrency and the long-awaited promised land are being addressed. Tarbert outlined the difference between the work of CFTC and the Securities and Exchange Commission, or SEC.
Securities regulation and CFTC vision
“The determination of whether a digital asset is a security is the sole province of the SEC. If they determine that it’s not security, then we can start taking it under our own purview. Once you start seeing more clarity on whether something is or is not a security, you will start seeing more futures listed on digital assets.”
Heath Tarbert, Chairman of the Commodity Futures Trading Commission (CFTC)
Currently, Bitcoin and Ether are both classified as commodities in the United States, which is why futures contracts for both are legally available in the country – in the case of Ether, only since May. Tarbert expressed interest in expanding this squad both today and in the past, but that is still an open question. Meanwhile, it is extremely important that the US leads the technology and especially Blockchain, he is not satisfied with the current framework of the country.
Answering Newsome’s question about whether the US leads the world in regulation, Tarbert stated:
“I don’t think I can say that we can’t be a leader from a regulatory standpoint. I do think we cant quite a leader from a technological standpoint.”
However, Tarbert emphasized that digital assets are a particularly tricky area to write laws because they cross the border very quickly: Regulators and governors are interested in borders, but technology is not. So really, in order for this field to reach its full potential, we need international cooperation.
Speaking today, Tarbert reiterated an earlier point about CFTC focusing on principles rather than rules of regulation.
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