CFTC and SEC Chairmen Both Testify in Congress Regarding Education Surrounding Crypto Assets

The United States SEC and CFTC are Looking to Educate the Masses About Digital Assets and Blockchain

In a testimony given before the US Congress recently, the chairmen of US SEC (Securities and Exchange Commission) and the CTFC (Commodities Futures Trading Commission (CFTC) stated that the goals of their respective agencies was to help educate the masses about various digital assets (such as alt-tokens, stablecoins, etc).

Additionally, both Jay Clayton (Chairman of SEC) and J. Christopher Giancarlo (Chairman of the CTFC) stated their their respective regulatory bodies were looking to devise novel ways in which to help investors learn about altcoins as well their underlying framework ‘blockchain’ in the easiest manner possible.

More on the Matter

As things stand, the SECs Compliance Inspections and Examinations division has deemed crypto assets to be ‘high-risk investment vehicles’. In addition to this, it should also be remembered that quite recently Clayton sent out a circular requesting for four new personnel to be added to the SEC’s Division of Trading and Markets — so as to help increase the expertise of the regulatory body in relation to the global digital asset market.

During the CFTCs recent budget hearing, Giancarlo was quoted as saying:

“Technological change, disintermediation of traditional actors and business models, and the need for technological literacy and big data capability are our biggest challenges right now”.

He then went on to say that in order for the CTFC to work at its optimal capacity, the regulatory body needs permission to carry out:

“independent market data analysis across different data sources — including decentralized blockchain ecosystems and networks”.

Final Take

In closing out this article, it should be made clear that there currently exists no uniform federal classification for cryptocurrencies. As a result of this, both the SEC and CFTC have varying regulatory definitions regarding alt-assets — even though both agencies wield a lot of legal power.

Last but not least, U.S. regulators recently reintroduced the Token Taxonomy Act, in order to exclude digital assets from securities laws and thereby provide them with a “uniform framework” to work with.

Read the Token Taxonomy Act here.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today