Most people are likely familiar with the U.S. Securities and Exchange Commission (SEC).
But another lesser-known federal agency will also play a major role in regulating crypto.
We’re talking about the Commodity Futures Trading Commission (CFTC)
The major difference between the two agencies is that the SEC regulates securities trading, and the CFTC regulates commodities trading.
Right now, there’s a big jurisdictional battle playing out between the two over who’ll govern crypto.
SEC Chair Gary Gensler has stated that “[crypto] products are subject to the securities laws and must work within our securities regime.”
On the other hand, the CFTC has expressed that “the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil… or crypto assets.”
In this tug-of-war between regulatory agencies, we’re throwing our weight behind the CFTC. At least it’s willing to play ball.
While the SEC is doing everything it can to derail the crypto industry… The CFTC is allying with the industry on regulatory reform.
Just last week, CFTC Commissioner Caroline Pham announced new members of the Global Market Structure, Technical Issues, and Digital Asset Markets subcommittee.
And it includes some major industry names – including Rebecca Rettig, chief policy officer of Polygon Labs… Jason Urban, global head of trading at Galaxy Digital… Steve Humenik, global head of derivatives legal at Crypto.com… and Marvin Ammori, chief legal officer at Uniswap Labs.
But the CFTC isn’t the only powerful new ally joining the pro-crypto forces. BlackRock CEO Larry Fink is throwing his firm’s $10 trillion weight behind crypto, too.
In 2017, Fink called bitcoin an “index of money laundering.” Now he says it could “revolutionize finance.”
In an interview with Fox Business on Wednesday, Fink said:
Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, bitcoin is an international asset, it’s not based on any one currency, and so it can represent an asset that people can play as an alternative.
That sounds a lot like what Daily editor Teeka Tiwari has been preaching for years.
And right now, Teeka is warning everyone to buy some bitcoin. That’s because he believes the government could launch a digital dollar as soon as this month.
But there’s also ways for you to profit from the potential rollout of the digital dollar. And Teeka’s put together a new playbook to show you how.
In it, you’ll learn:
Step-by-step instructions to securely buy and store your bitcoin.
The name of a company set to profit from the digital dollar trend.
The name of a crypto project also set to profit from this trend.
And a secret way to 10x your money on gold.
Editorial Director, Palm Beach Daily