SEC Chair Seeks Formal Deal With the CFTC for Crypto Regulation

According to a news report in the Financial Times, Gensler said there should be one rule book so that bad actors don’t make use of regulatory gaps and perpetrate frauds and manipulations.

To this end, the SEC Chair said he was working on a Memorandum of Understanding (MoU) between SEC and CFTC towards bridging potential regulatory gaps. Gensler used to be the CFTC Chairman from 2009-2013.He made these remarks against the backdrop of a bipartisan crypto regulation bill introduced by US senators Cynthia Lummis and Kirsten Gillibrand on June 7. It seeks to define most digital assets as commodities and favors expanding Commodity Futures Trading Commission’s (CFTC).

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