Lawyer Bill Morgan found nothing useful in the SEC and CFTC statement
The SEC and CFTC have issued a joint statement on cryptocurrencies that prominent digital asset industry lawyers have already called “complete nonsense.”
In particular, Bill Morgan argues that the announcement does little to address the uncertainty that the US crypto industry faces due to the lack of a clear regulatory framework.
The joint statement appeared to be intended to shed light on many of the ambiguities, but the wording was vague.
Regulators clarified that “properly registered” exchanges are not prohibited from facilitating trading in “certain spot commodity products.” The statement also emphasized the importance of a “coordinated approach” to providing market participants with a choice of trading venue.
U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins called the announcement a «significant step forward,» while Acting Commodity Futures Trading Commission (CFTC) Chair Caroline D. Pham emphasized the «synergies» between the two agencies.
Not only crypto industry participants, but lawyers also found nothing useful in the statement. According to Bill Morgan, it is simply a distraction. He noted that the main problem is that crypto exchanges themselves remain unregulated, and agencies have not yet developed a clear structure for their work.
