Jeff Park’s pro CFTC assertions materialize merely days subsequent to the introduction of a bill by U.S. senators seeking to transfer crypto supervision from the SEC to the CFTC.
Notwithstanding certain intricacies encircling the recently posited crypto market architecture bill, a more distinct depiction is commencing to emerge concerning crypto market scrutiny, as articulated by ProCap BTC chief investment officer Jeff Park.
“The CFTC will own a larger domain over crypto than the SEC,” Park said during an interview with crypto entrepreneur Anthony Pompliano published on YouTube on Friday, while emphasizing that there is still “lots of complexity with different stakeholders.”
“I hold the view that is fundamentally accurate in my opinion,” it was stated by him. “The CFTC is engaged in the domain of financial advancement broadly, and it is tasked with overseeing capital optimization, influence, and derivatives products,” he elaborated, clarifying that this is congruent with what the crypto industry is constructing: a novel settlement layer that fosters capital optimization at varying velocities.
Jeff Park Says the Approach ‘Makes Sense’
It was also asserted by Park that the treatment of crypto as a tradable good is commensurate with the global character of the market.
“It makes sense that the CFTC be the regulator who can look at the broader section of global commodities markets and coming up with rulemaking,”
he said.
This perspective has been reverberated throughout the crypto industry, particularly as the SEC under the Biden administration was broadly perceived as adopting an approach of “regulation-by-enforcement” toward the U.S. crypto sector.
“The US is very much onshore regulator for investment securities that Americans are generally accessing, unless you’re going to the different private fund model,”
Park added.
This materializes subsequent to the discussion draft of crypto market architecture statutes being proposed on Monday by two U.S. senators, Republican Agriculture Chair John Boozman and Democrat Senator Cory Booker.
Jeff Park Says the Move Will Enable More Innovation
“The CFTC is the right agency to regulate spot digital commodity trading, and it is essential to establish clear rules for the emerging crypto market while also protecting consumers.”
Boozman said
It was indicated by Park that the precision will facilitate more diverse classifications of advancements to be introduced through the industry, comprising DeFi protocols.
Escalating conjecture has been observed regarding the individual who will assume sustained governance at the CFTC.
Michael Selig, who is presently fulfilling the role of chief counsel for the crypto task force at the U.S. SEC, is scheduled to undergo interrogation by senators next week in a hearing intended to evaluate his designation as chair of the CFTC.
Since September, the position of sole commissioner has been maintained at the agency by CFTC acting Chair Caroline Pham.
