While agriculture and cryptocurrencies don’t seem to have much in common, hearings from the Senate Agricultural Commission on crypto assets have ignited a strong reaction from crypto stakeholders across the board. It’s hard to define whether the hearing is a bad sign for investors, but Ripple officials share their views on the proceedings.
Don’t be “agri” about cryptography
Susan Friedman, Head of Public Policy at Ripple, Called Hearing “Productive” When “positive,” She said she would like to see more such discussions in the future.According to Friedman, some of the main topics in the discussion It contains The potential role of the Commodity Futures Trading Commission in the regulation of the crypto sector, and the need to keep the United States competitive with its crypto rivals.
Ripple executives I got it,
“”Today’s hearing in Senate Ag clearly showed that both sides of the aisle were interested. #crypto We aim to help drive innovation and protect consumers … “
Then Friedman Added,
“If history is a sign – empowering the CFTC is a great help in providing clear rules for the path to cryptography.”
Why do Ripple officials want the CFTC to become a more aggressive regulator in the crypto industry? To get started, this could be a way to undermine the SEC’s dominance in space.
The point here is that the CFTC and SEC are not always in the eye. SEC Chair Gary Gensler often prefers “Wild West” images to describe the US crypto sector, but former CFTC Commissioner Brian Quintenz calls it a “language of persuasion and manipulation.” ..
During the hearing, CFTC President Rostin Benham demanded more power and financial resources to allow government agencies to carry out their work. If permitted, this can have a significant impact on the SEC’s own scope of regulation.
However, as the XRP proceedings extend to 2022, the SEC appears to be exerting more influence over Ripple’s legal status than any other US regulator.
It’s time to end this rodeo
FTX co-founder and CEO Sam Bankman-Fried also testified at the US Senate Committee. Executives suggested that Congress could organize CFTCs and SECs to regulate different parts of the crypto sector such as spot trading, exchanges and stablecoin. Regarding the expansion of the CFTC’s role, Bankman Fried said:
“Historically, the CFTC generally does not exercise jurisdiction over the operation of the spot market for commodities (with a few exceptions), but the FTX is the spot market for digital assets where the CFTC is under certain circumstances. I believe we can claim jurisdiction over … “