Gensler with the consent of other Crypto industry Leaders appeals for ‘one rule book’ in consultations with CFTC over crypto regulation

SEC chairperson Gary Gensler said in an interview with The Financial Times, that he is working on a memorandum of understanding with the agency’s digital asset market co-regulator.

United States Securities and Exchange Commission (SEC) chairperson Gary Gensler is in discussions with Commodity Futures Trading Commission (CFTC) officials on a “memorandum of understanding” on the regulation of digital assets. Gensler claimed in an interview with The Financial Times published Thursday that the agencies, together, can assure market integrity. “I’m talking about one rule book on the exchange that protects all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token,” Gensler said to the newspaper. 

Gensler wants the collaboration to come as a variety of legislative initiatives and to create a more comprehensive regulatory framework for digital assets. The Digital Commodity Exchange Act announced in its latest form in April, and the Responsible Financial Innovation Act, declared in June, both gave the CFTC greater authority over the market.

Debbie Stabenow, chairman of the Senate Agriculture Committee, which has oversight of the CFTC, and the committee’s ranking member John Boozman is reportedly also working on a crypto regulation bill, which is expected to increase CFTC powers. Gensler, who ruled the CFTC from 2009 to 2013, has expressed skepticism about changes in the stagnation.

Although the SEC has taken the lead in crypto regulation, there is frequent dissatisfaction among the industry and lawmakers who are critical of its methods of allegedly regulating through enforcement. Crypto industry leaders have agreeably asked for clearer regulation, and SEC commissioner Hester Peirce has pressed for policy changes from within the commission.

Regulation is not a matter of authority alone. The Financial Times cites blockchain analytics company Elliptic as saying U.S. regulators have collected $3.35 billion through enforcement actions in the crypto industry over the years, with over 70% of that sum going to the SEC.