Chris Giancarlo, former chairman of the CFTC, spoke about the tension between the SEC and Coinbase. Giancarlo pointed out that 90-year-old rules should not be applied for a new technology.
Chris Giancarlo, former chairman of the US Commodity Futures Trading Commission (CFTC), told CoinDesk TV’s “First Mover” was a guest on the show. Giancarlo shared his views on the controversial SEC-Coinbase incident.
The former chairman, who is known as Crypto Dad for his positive views on crypto assets, said that clearer rules are needed for digital assets. Giancarlo said that the existing rules were applied in an outdated and unequal way.
“The heads of regulatory agencies have a fair amount of discretion in enforcing rule sets. It is important that we do not apply 90-year-old laws for this new innovation…”
As we reported earlier, the US Securities and Exchange Commission (SEC) threatened Coinbase, the leading crypto asset trading platform, saying it would sue if it offers a savings account-like product.
Giancarlo added:
“Ultimately, it will be the courts that will have to determine jurisdiction and apply the security laws to these asset classes, and I am optimistic that Congress will step in. Congress has really recognized crypto in the last few months. […] and awakened to this technology, its power and potential.”
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