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The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler recently stated that the regulatory agency is working with the Commodity Futures Trading Commission (CFTC) on regulating cryptocurrencies. Appearing in an interview with Bloomberg this week, SEC Chief Gary Gensler was asked on the state of crypto regulation in the US to which he replied “We do have a broad agenda and crypto is part of that agenda.” To make this possible, the securities regulator is working with the American derivatives market regulator, Commodity Futures Trading Commission (CFTC). “We are going to work with the Commodity Futures Trading Commission (CFTC) where there are some commodity tokens. While many of these are securities, some may be under their remit. We work together as two federal agencies,” Gensler added. On Wednesday, the Wall Street Journal reported that the Chairman of the Commodity Futures Trading Commission, Rostin Behnam called out lawmakers to grant the agency authority to regulate cryptocurrencies as such assets are in great need of protection, according to him. Behnam is of the view that the Congress should pass a law that would allow CFTC to regulate certain types of cryptocurrencies while providing funding to conduct additional oversight. Currently, the agency is limited to only regulating derivatives. According to him, such legislation would aim to fill a regulatory gap, as some types of cryptocurrency fall outside the jurisdiction of the federal government’s including the Securities and Exchange Commission (SEC). Behnam’s appeal came just a day after the US Justice Department seized over $3.6 billion worth of Bitcoin stolen during the hack of Bitfinex cryptocurrency exchange, its largest financial seizure ever.

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