SEC Chairman: Multiple Crypto Regulators Could Undermine Securities Rules

SEC Chairman Gary Gensler, appearing before the Senate Banking Committee, said if crypto market oversight is split between federal regulators, it could undermine securities rules. "If we end up that there’s multiple federal agencies defining what a security is, and another agency tries to define it, it could undermine what we’re doing," said Gensler. Still, Gensler emphasized that his agency works closely with the CFTC on companies that deal in both commodities and securities, and would continue to work with the commission if Congress were to give the CFTC greater authority over cryptocurrencies.