In an interview on July 7th with the predecessor, Jim Newsome, current chair of the Commodity Futures Trading Commission (CFTC), Heath Tarbert, analyzed a list of upcoming concerns between cryptocurrencies and the promised country of regulatory clarity.
Securities regulation and scope of the CFTC
Tarbert was careful Outline the distinction between the work of the CFTC and its big regulatory brother, the Securities and Exchange Commission (SEC).
Determining whether a digital asset is a security is “the only province in the SEC,” said Tarbert. “If you think it’s not a value, we can start putting it within our reach.”
“Once you see more clarity about whether something is a value or not, you will see more future digital asset listings.”
Bitcoin and ether are currently classified as raw materials in the USA, so that futures contracts for both countries in the case of ether will only be legally available in the country from May. Tarbert showed interest in expanding this list both today and in the past, but that remains an open question.
The position of the United States in the global regulation of cryptocurrencies
While Tarbert noticed that “It is vital for the United States to be leading the technology, and especially blockchain technology,” he said, not satisfied with the country’s current environment. When asked a Newsome question whether the United States is the world leader in regulation, Tarbert replied:
“I don’t think I can say that we are leaders from a regulatory perspective. I think we are leaders from a technological perspective.”
However, Tarbert emphasized that digital assets are a particularly difficult area to write laws because they easily cross borders: “Regulators and governors are concerned about borders, but technology is not. We need more international cooperation to develop this field to its full potential.”
I speak today Tarbert reiterated an earlier point that the CFTC focused more on principles than regulations.