Lummis (R-Wyo.) and Gillibrand (D-N.Y.), also speaking at the Washington event, were quick to point out that the Securities and Exchange Commission – which has been perceived by the cryptocurrency industry as being more adversarial than the CFTC – is also given a major role and a new system of disclosures.
“The SEC has an enormous responsibility,” Gillibrand said, referencing the vast number of smaller tokens likely to be defined as securities. “We aren’t minimizing the role of the SEC.”
While the CFTC may oversee the most market share, because it would have authority over the trading of the largest cryptocurrencies such as bitcoin (BTC) and ether (ETH), the SEC would have the “sheer numbers,” Lummis said, including the crypto efforts she said would “be the larger perpetrators of fraud.”
Source: CFTC Chief Heaps Praise on Bill That Boosts Agency’s Crypto Reach