Despite some complexities in the recently proposed cryptocurrency market structure bill, ProCap Bitcoin Chief Investment Officer Jeff Park stated that the regulatory landscape for cryptocurrency markets is gradually becoming clearer.
“CFTC will have greater dominance in the cryptocurrency space than the SEC,” Park said during a YouTube interview with cryptocurrency entrepreneur Anthony Pompliano on Friday, emphasizing that “there are still many complex issues among different stakeholders.”
“I think this is the right direction,” he said. “The CFTC itself is an important driver of financial innovation, while also responsible for managing capital efficiency, leverage, and derivative products.” He explained that this aligns with the new settlement layer being built in the crypto industry, which can enhance capital efficiency at different speeds.
Park also noted that viewing crypto as a commodity aligns with the international nature of the market.
“It makes sense for the CFTC to be the regulator that can examine a broader portion of the global commodity market and set rules,” he said.
This viewpoint has been widely echoed in the crypto industry, especially as the SEC under the Biden administration is generally seen as taking a “regulation by enforcement” approach towards the U.S. crypto industry.
“The U.S. primarily regulates onshore securities that Americans can typically access, unless you adopt a different private fund model,” Park added.
Previously, two U.S. senators, Republican Agriculture Committee Chairman John Boozman and Democratic Senator Cory Booker, introduced a discussion draft of the cryptocurrency market structure legislation on Monday.
Boozman stated, “The CFTC is the appropriate agency to regulate spot digital commodity trading, and it is crucial to establish clear rules to protect consumers while providing clarity for the emerging crypto market.”
Park pointed out that this clarity would allow for more types of innovation to enter the industry, such as DeFi protocols.
Speculation about who will lead the CFTC in the long term is increasing.
Michael Selig, currently serving as Chief Legal Counsel in the SEC's crypto task force, will face questioning from senators at a hearing next week to consider his nomination as CFTC chairman.
Since September, CFTC Acting Chair Caroline Pham has been the agency's only commissioner.
Related: ARK Invest Restarts Crypto Asset Buying Spree, Increases Holdings in BitMine and Bullish Stocks
Original article: “Jeff Park says letting CFTC, not SEC, regulate the crypto space is ‘the right direction’”
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