CFTC Commissioner Caroline Pham suggested the regulator was “conflating a financial instrument with a financial activity” in its enforcement action against KuCoin.
Two U.S. financial regulators cannot seem to reach a consensus on how to treat certain cryptocurrencies as securities or commodities.
Caroline Pham, a commissioner with the United States Commodity Futures Trading Commission , has suggested that a recent “aggressive” crypto enforcement action could put the regulator at odds with the Securities and Exchange Commission .the CFTC appeared to have exerted authority over certain securities in its enforcement case against cryptocurrency exchange KuCoin.
“The CFTC’s approach may infringe upon the SEC’s authority and undermine decades of robust investor protection laws by conflating a financial instrument with a financial activity, disrupting the foundations of securities markets,” said Pham. “Owning shares is not the same thing as trading derivatives.”Pham’s statement echoed concerns from many U.S. lawmakers and regulators about the role the CFTC and SEC should play over cryptocurrencies and how they are judged as commodities or securities.
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