Former SEC General Counsel Denies Regulatory Discord Between Agency and CFTC in Crypto Oversight


19 Nov 2023 2:30 PM

Experts believe that rushing legislation to fill the digital asset regulatory gap could backfire....

  • There is a regulatory gap in the United States for digital assets that do not fit into the categories of securities or commodity-based derivatives.
  • Experts believe rushing legislation to fill this gap could have negative consequences.
  • Former SEC General Counsel and former Commissioner at CFTC, Dan M. Berkovitz, believes existing laws are flexible enough to regulate digital assets.
  • The US cryptocurrency industry has invested heavily in lobbying, but regulatory oversight has increased.
  • CFTC's Chairman Rostin Behnam has called for Congress to establish a regulatory framework for cryptocurrencies.
  • Berkovitz does not believe there is a "rift" between the CFTC and the SEC in regulating digital assets.
  • Merkle Science CEO Mriganka Pattnaik warns against rushing legislation and emphasizes the need for clear definitions and roles for the CFTC and SEC in any regulatory framework.

The sentiment of the article is mixed. While there are concerns about the regulatory gap and the need for clear legislation, there are also differing opinions on the extent of the problem and the best approach to regulation.

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