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Elizabeth Warren and the anti-crypto movement are losing their battle, says former CFTC chair: report
The former chairman of the Commodity Futures Trading Commission (CFTC) reportedly said that Senator Elizabeth Warren and her anti-crypto agenda are losing their battle.
In a new interview With Forbes, former CFTC Chairman Christopher Giancarlo reveals he is optimistic about the future of digital assets and says the anti-crypto wing is a “shrinking iceberg.”
According to Giancarlo, the legislative climate in the United States is shifting toward crypto assets, as evidenced by both houses of Congress passing SAB 121 overturn.
SAB 121 is a guidance note from the United States Securities and Exchange Commission (SEC) issued in March 2022 that tells entities how to account for and protect their digital assets.
Last week’s bill overturning SEC directive pass in the Senate by 60 votes to 38.
But Giancarlo notes 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 Elizabeth Warren’s wing is a shrinking iceberg…
Although some parts of the banking system may be reluctant to innovate in digital assets, requiring them to reserve 100% of their holdings effectively means that banks cannot play a role in this innovation. I think the rejection of that is there.
So the White House can veto it, but I think that puts it in an increasingly untenable position going against the flow of history, going against the flow of innovation. »
Let’s move on to FIT21, a newer crypto bill that would give the CFTC’s regulatory jurisdiction over digital asset products, Giancarlo says it could work since the CFTC has already shown it can regulate non-wholesale markets.
“The reason why [the CFTC is] Most of the time a wholesale regulator is there because it oversees the futures markets, which are mostly comprised of professional traders. It does not oversee the spot markets where many retail traders are located.
This law would give the CFTC market regulatory power over crypto spot markets and not just derivatives markets.
Therefore, the CFTC would find itself, to some extent, engaging in retail market surveillance. My mind has evolved on this, in part because the CFTC already has some areas of retail oversight and has shown itself to be able to manage them very well.”
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