Former CFTC Commissioner Brian Quintenz: "SEC creates confusion in legislation"
Former commissioner of the U.S. Commodity Futures Trading Commission (CFTC) Brian Quintenz criticized the SEC's position on the ether, saying that the agency creates confusion in the legislation.
Brian Quintenz called the approach of the U.S. Securities and Exchange Commission (SEC) to the airwaves illegal. He explained that the regulator had previously approved futures ETFs for ether, thereby implicitly recognizing that ether is not a security. Therefore, the agency cannot extend its authority to this altcoin, according to Quintenz.
According to him, the approval of futures ETFs for ether after the transition of the Ethereum network to the new Proof-of-Stake algorithm suggests that the SEC did not consider ether a security. If the agency had any doubts about the regulation of the ether, it would not have approved this investment product. It turns out that if ether is considered a security, then futures contracts regulated by the CFTC are illegal instruments.
"An asset is not considered a security, but a commodity if there is a futures or swap contract regulated by the CFTC based on it," explained Quintenz.
The former CFTC commissioner criticized the SEC for causing confusion and harm to society by refusing to acknowledge these facts. He is concerned that the SEC is delaying a decision on applications from companies wishing to launch spot ETFs on ether.
Source: https://bits.media/byvshiy-komissar-cftc-brayan-kvintents-sec-sozdaet-putanitsu-v-zakonodatelstve/
