“The crypto market is braced for details of a long-awaited crypto bill put together by a bipartisan group of U.S. senators,” our contributor Billy Bambrough writes. It’s expected to define which cryptocurrencies are securities and which are commodities.
cryptocurrencies, as fear swept through the market.."So it would fall under the CFTC for purposes of trading and the spot market and the futures market. And then when [a cryptocurrency] fits in the Howey Test [which uses four criteria to decide what qualifies as an investment contract] that makes it a security, it would fall under the SEC."
Last week, SEC chair Gary Gensler, who has previously pushed lawmakers for increased oversight of the fast-growing crypto market, signaled he agreed with Lummis, saying bitcoin"maybe" is"a commodity token."the House Appropriations Committee that the SEC has"jurisdiction over probably a vast number" of cryptocurrencies but not bitcoin, saying bitcoin would go"over there" to the CFTC.
"I think a lot of these tokens will fail,” Gensler said following the committee hearing, it was reported by the ."I fear that in crypto…there’s going to be a lot of people hurt, and that will undermine some of the confidence in markets and trust in markets."
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