.Ripple's CTO proposes a a regulatory face-off between SECGov and CFTC to clarify cryptocurrency jurisdiction amid escalating tensions regulation SEC CFTC
In a tweet on March 28, Schwartz suggested that the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission should"fight out among themselves" to determine which agency should regulate the crypto industry.
The CTO's proposal highlights the growing frustration with inconsistent regulatory approaches between the two agencies. Schwartz's tweet comes on the heels of the CFTC's recent lawsuit against Binance, one of the world's largest cryptocurrency exchanges.In its suit, the CFTC classified Bitcoin, Ethereum and Litecoin as commodities — a stark contrast to the SEC's stance that only Bitcoin is exempt from being considered a security.
This discrepancy has raised questions about the regulatory status of other digital assets further down the crypto spectrum.
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