Commissioner Stump outlines the CFTC's authority in crypto markets — and its limits
In an August 23 statement, Dawn Stump, commissioner of the Commodity Futures Trading Commission, looked to dispel misunderstandings and misconceptions surrounding the CFTC's authority in crypto markets.
"The CFTC does not regulate commodities (regardless of whether or not they are securities); rather, it regulates derivatives—and this is true for digital assets just as for any other asset class," said Stump.
Stump particularly focused on "the Fallacy of the Question, 'Is it a Commodity or a Security?'" when it comes to digital assets. It's a subject that has come to the foreground at the CFTC and sister agency, the Securities and Exchange Commission.
Source: Commissioner Stump's deck
Stump has similarly stressed the limits on the CFTC's authority in the past.
SEC chairman Gary Gensler in particular has been pushing for increasing SEC oversight over crypto markets. Gensler has taken to identifying more and more crypto exchanges as securities exchanges, as he wrote in a letter to Senator Elizabeth Warren (D-MA).Source