According to a transcript of the SEC chairman’s Jay Clayton’s prepared testimony for the upcoming Senate hearing, he is open to the idea of a federal oversight of cryptocurrency exchanges. The hearing before the US Senate Committee on Banking, Housing, and Urban Affairs will take place on February 6.
Cryptocurrency exchanges in the US are currently regulated at the state level only as they have generally registered as “money-transmission services,” and do not fall under the Securities and Exchange Commission (SEC) and the Commodity and Futures Trading Commission (CFTC) jurisdiction.
According to Clayton’s statement, crypto-exchanges are similar to federally regulated and SEC and CFTC controlled “securities, commodities, and currency exchanges,” hence, he is “open” to the idea of a federal regulation of those exchanges.Tags: cftc, cryptocurrency regulation, sec
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