Minister SEC Gary Gensler will support the US Congress granting additional powers to the Commodity Futures Trading Commission (CFTC) to regulate the cryptocurrency market.

In his speech at the Institute of Applied Law, the official noted:

“I believe that the vast majority of the approximately 10,000 tokens in the crypto market are securities. The offers and sales of these assets are subject to applicable laws.”

These coins, as well as the brokers offering them, are subject to regulation by the SEC, Gensler said.

However, in some cases, the regulator’s powers overlap with its “sister” CFTC, which needs more rights to control and oversee the crypto market.

“I would like to point out that this is currently being done in the broker-dealer and fund advisory space, as crypto brokers may need to register with both the SEC and the CFTC,” Gensler said. Said.

According to him, stablecoins “have similar characteristics to money market funds” and other securities. Other token issuers, as well as “stable coin” issuers, Gensler urged to discuss activities with the SEC to avoid violating the law.

Recall that CFTC chairman Rostin Benham announced the establishment of the Office of Technological Innovation, which will regulate the crypto industry.

At the same time, Gensler has repeatedly argued that most tokens fall within the definition of securities and within the jurisdiction of the SEC.

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