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Yesterday, at an industry conference, the Securities and Exchange Commission chairman Gary Gensler said that he looked forward to working with legislators on Capitol Hill to move ahead with plans to give the Commodity Futures Trading Commission additional oversight powers over cryptocurrencies.
Gensler noted that in order to regulate the market, the commission would need to be given additional authority.
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He was quick to add that any additional oversight shouldn’t take away authority from his own SEC. Because the CFTC is only authorized to oversee derivatives, Congress would need to change the law to allow the CFTC to regulate cash markets for certain digital assets.
Of course, it would also need a funding boost to accomplish any such goal. Right