.SECGov chairman Gary Gensler said the CFTC should be given more power to police stablecoins, according to Reuters. By NelWang
Gensler argued that stablecoins are very similar to money market markets and should be regulated accordingly, Reuters wrote.
And while the CFTC has regulatory authority over dollar-backed stablecoin issuers in the areas of fraud and manipulation, it doesn’t have “direct regulatory authorities over the underlying non-security tokens,“ Gensler pointed out. to make the CFTC the regulator of the spot market for tokens that aren’t considered securities, such as bitcoin, while the SEC would oversee those cryptocurrencies that are considered securities.
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