05.04.2024

Former CFTC Commissioner Brian Quintenz: “SEC creates confusing legislation”

Brian Quintenz, former commissioner of the U.S. Commodity Futures Trading Commission (CFTC), criticized the SEC’s position on ether, saying that the agency creates confusion in the legislation.

Brian Quintenz (Brian Quintenz) called the approach of the US Securities and Exchange Commission (SEC) to ether illegal. He explained that the regulator had previously approved futures ETFs on ether, thereby implicitly recognizing that ether is not a security. Therefore, the agency cannot extend its authority to this altcoin, Quintenz said.

The approval of ether futures ETFs after the Etherium network transitioned to the new Proof-of-Stake algorithm suggests that the SEC did not consider ether a security, he said. If the agency had any doubts about the regulation of ether, it would not have approved this investment product. It turns out that if ether is considered a security, then CFTC-regulated futures contracts are illegal instruments.

“An asset is not considered a security but a commodity if there is a CFTC-regulated futures or swap contract based on it,” Quintenz explained.

The former CFTC commissioner criticized the SEC for causing confusion and harm to the public by the financial regulator’s actions by refusing to acknowledge these facts. He is concerned that the SEC is delaying ruling on applications from companies looking to launch spot ether ETFs.

Quintenz has previously criticized the SEC for the regulator’s pursuit of cryptocurrency companies in court and harsh measures against them, thus destroying the crypto industry in the US.

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Коля Мельниченко

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