In the last few months, the United States SEC has been targeting firms and assets in the crypto industry with different actions. Asides from its protracted case with Ripple, the regulator, has been working overtime across the market. However, some market figures feel the agency is threatening the crypto community with the several actions it has embarked upon. An Ex-CFTC executive has now waded into the issue in a recent interview where he talked about the various issues the agency has with traders.
The crypto sector is unhappy with the SEC
Former CFTC executive Brian Quintenz mentioned that he was aware that the entire crypto community is unhappy with the agency, although they are accepting of its regulations. During the interview, Quintenz mentioned how cumbersome the agency’s environment for regulation has created.
He also mentioned that most market participants want the CFTC to create friendly laws. He noted that traders and firms in the market want regulations that will tally with the new technologies, and unfortunately, the regulatory agency is not forthcoming on that aspect. Quintenz also mentioned that the rules should be able to provide room for the technologies to be able to reach the predicted heights.
Quintenz highlights the importance of regulation in the sector
During a farewell statement at the end of his tenure, Quintenz listed some of his achievements and developments in the crypto industry . Some of them included the Bitcoin Futures contract, among other initiatives. He mentioned that the CFTC talked to him about his initiative because they believe it could still be helpful for the future of the crypto community. Quintenz noted that some regulatory agencies have refused to accept change and have been making laws that would frustrate change across the crypto industry.
He mentioned that if they were serious about making a tremendous regulatory oversight in the crypto sector, it would create laws that would foster change and increase security. The former CFTC boss also discussed how the agency targeted crypto as securities. He mentioned that the change would impose requirements that companies creating digital assets cannot meet. However, Quintenz feels that regulation is still something that will help the growth of the crypto market rather than mar its progress, as projected by some experts. Although he concedes that regulations can be confining, the good ones would eventually help traders in the long run.
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