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Elizabeth Warren and the anti-cryptocurrency movement are losing their battle, according to former CFTC chair: Report
The former chair of the Commodity Futures Trading Commission (CFTC) reportedly says Senator Elizabeth Warren and her anti-cryptocurrency agenda are losing their battle.
In a new one interview with Forbes, former CFTC Chairman Christopher Giancarlo reveals he is optimistic about the future of digital assets and says the anti-cryptocurrency wing is a “shrinking iceberg.”
According to Giancarlo, the legislative climate in the United States is shifting towards cryptocurrencies, as evidenced by both houses of Congress passing the repeal of SAB 121.
SAB 121 is a U.S. Securities and Exchange Commission (SEC) guidance note released in March 2022 that tells entities how to account for and safeguard their digital assets.
Last week, the bill that overturns the SEC guidelines past in the Senate by a vote of 60-38.
But Giancarlo points out that the White House could veto the bill, a move that traditional banks would likely support.
“I think [the passage of SAB 121 reversal] says winger Elizabeth Warren is a shrinking iceberg…
Despite some parts of the banking system that may be resistant to digital asset innovation, forcing them to reserve 100% of their holdings effectively means that banks cannot lead this innovation. I think the rejection of that is there.
So the White House could veto this, but I think that puts it in an increasingly untenable position against the tide of history, against the tide of innovation.”
Moving on to FIT21, a newer crypto bill would give the CFTC’s regulatory jurisdiction over digital commodities, Giancarlo says it could work as the CFTC has already demonstrated it can regulate non-wholesale markets.
“The reason why [the CFTC is] primarily a wholesale regulator is because it oversees the futures markets, which, for the most part, have professional traders within them. It does not oversee spot markets where there are many retail traders.
This act would give the CFTC market oversight regulatory power over cryptocurrency spot markets and not just derivatives markets.
Thus, the CFTC would find itself, to some extent, engaged in oversight of the retail market. My mind has evolved on this in part because the CFTC already has some pockets of retail oversight, and has demonstrated that it can handle them very well.
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