SEC chair asked his staff to work with CFTC for the crypto industry

Gary Gensler confirmed that he proposed his ideology to work in collaboration with the CFTC agency. 

US Securities and Exchange Commission (SEC) is responsible to regulate the spot Money market, which includes the crypto market also. Under its authority, it is responsible to regulate the buy, sell & trade of bonds, securities, and other stock assets based activities and also to catch the bad actors. History is witness, how the SEC agency worked strictly against the crypto Industry. However, the SEC agency always claimed that all the steps taken by the agency against the crypto companies were in favour of ensuring the safety of the funds of investors. 

Today Gary Gensler, Chairman of the SEC agency, speaking at the University of Pennsylvania Carey Law School said that he asked the SEC department workers to work in collaboration with the Commodity Futures Trading Commission(CFTC) staff. 

In this way, Gary said that they regulate the companies whose assets are under the Securities and non-securities categories simultaneously. 

“register and regulate platforms where the trading of securities and non-securities is intertwined.”

Right now CFTC Agency is responsible for regulating the money market of Commodities, which are also more likely to the Securities market but different because of predetermined price sales on the scheduled times. 

SEC vs Ripple: XRP is Security or not 

Since December 2020, the SEC agency has been fighting against the Ripple company. According to the SEC agency, the XRP token is security and it is unregistered with the agency. 

However, the SEC agency provided some facts to show that XRP is security but failed because of the explanation from the defensive statements from the attorneys of Ripple. 

There are chances that the latest statement from the SEC chair is a result of such security-related cases on crypto companies. Overall these things are intended that crypto companies will get some better relief from these agencies as a single regulatory body. 

Read also: ETH will be trading north of $10k, says BitMEX Co-Founder