SEC Approach Threatens the Entire Ecosystem – Former CFTC Commissioner Says

Brian Quintenz trusts a lucrative path can work if the Securities Exchange and Commission (SEC) remains ‘serious.’

Brian Quintenz stated that he comprehends why the cryptocurrency space isn’t happy with SEC (Securities and Exchange Commission), but he trusts regulation itself isn’t a problem.

The former Commodity Futures Trading Commission (CFTC) commissioner stated that the regulatory atmosphere for digital coins remained cumbersome in the current model. In a Mainnet 2022 interview, Quintex told Decrypt that some individuals would look for a different strategy by the CFTC.

Support Crypto Innovation Through Regulation

He said that the cryptocurrency industry wants rules matching its technology and supporting the innovation to hit its potential. Quintenz trusts the SEC cannot or is yet to ensure that.

Quintenz superintended Bitcoin’s future contracts listing in the United States. Moreover, he oversaw the introduction of tokenized commodities during his CFTC tenure. Also, he completed several crypto-related developments. That’s according to a report he unveiled when ending his term.

Quintenz is now an advisory partner on the cryptocurrency team and Andreessen Horowitz, a venture capital firm. He said they contacted him after leaving the agency since they knew regulation, legislation, and policy remained the central focus for the cryptocurrency environment and how to safeguard the asset class.

Regulatory Approach

Quintenz added that some regulatory bodies have resorted to a crypto regulation approach that’s highly resilient to change instead of opening the gates for new technology adoption. He believes the SEC could ensure a model that supports a securities-related regulatory structure and does not threaten the broad ecosystem.

He stated that labeling crypto as securities brings problems, challenging entities that want to adhere to the existing regulation. That attracts responsibilities on participants that can navigate to satisfy the obligations.

For instance, Quintenz said that calling digital assets security meant there’s a central issuer who would have to submit proxy data to anyone holding a token. He questioned the working of such an approach.

The benefits that might emerge from a solid regulatory framework are more lucrative than the current industry confrontation. That would match the resources that market players can utilize to comply.

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