WASHINGTON—The House Financial Services Committee recently heard testimony from a collection of cryptocurrency professionals that in addition to addressing concerns about investor speculation, also examined the patchwork of existing regulations.
“They seemed to possess a shared goal: protecting investors without stifling innovation. However, witnesses presented different ideas about how the crypto-community and federal authorities can achieve that lofty aim,” reported ETHNews.
Congressmen repeatedly expressed a desire to "get it right," but that will be difficult amid the “rough seas of cryptocurrency regulation. Among the critical questions: Who possesses jurisdiction over virtual assets? At times, it would appear that the Commodity Futures Trading Commission (CFTC) is in charge, and at other times the Securities and Exchange Commission (SEC) has claimed authority,” ETHNews stated.
“It's hard to expect clear answers to emerge from these hearings, but witnesses provided critical insight into the sometimes-murky distinction between commodities and securities. They each tried to explain to legislators which areas the CFTC oversees and which issues seem to reside with the SEC,” ETHNews said. “But, it appears that cryptocurrency regulation remains a moving target. In all, the witnesses seemed to agree, it's important for legislators to understand what authority has been established by state and federal regulators before making any rash decisions.”