The CFTC is waiting for the SEC to allow futures trading of more digital assets
In a July 7 interview with predecessor Jim Newsome, current Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert discussed a list of outstanding concerns between cryptosystems and the promised land of regulatory clarity.
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Securities regulation and the scope of the CFTC
Tarbert was careful to outline the distinction between the work of the CFTC and its regulatory big brother, the Securities and Exchange Commission, or SEC.
Determining whether a digital asset is a security is „the only province of the SEC,“ Tarbert said. „If their determination is that it is not a security, then we can start making that determination on our own.
„Once you begin to see more clarity about whether or not something is a security, you’ll begin to see more future listings in digital assets.“
Currently, Bitcoin and Ether are classified as commodities in the United States, so futures contracts for both are legally available in the country, in Bitcoin Storm case, only since May. Tarbert expressed interest in expanding this list both today and in the past, but that remains an open question.
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The position of the United States in the global regulation of cryptomoney
While Tarbert noted that „it is critically important for the United States to lead in technology and especially blockchain technology,“ he is not satisfied with the current frameworks in the country. In response to a question from Newsome about whether the United States was leading the world in regulation, Tarbert said
„I don’t think I can say that we are the leader from a regulatory point of view. I think we are the leader from a technological point of view.
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However, Tarbert stressed that digital assets are a particularly difficult area to write laws about because they cross borders so easily: „Regulators and governors care about borders but technology does not. So for this field to reach its full potential, we need greater international cooperation.
Speaking today, Tarbert re-emphasized an earlier point about the CFTC’s focus on principles rather than prescriptive rules.