SEC and CFTC will report to the Senate on the problems of the crypto market

Commissioners from the Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) will report on cryptocurrencies at a Senate meeting on Tuesday.

The Banking, Housing and Urban Affairs Committee will meet on February 6 at 10:00 a.m. EST. There, Jay Clayton and Christopher Giancarlo, authorized representatives of the SEC and CFTC, will provide a report on the situation in the crypto market. 

The topic of the meeting was “Virtual currencies: the role of the US Securities and Exchange Commission, which oversees and regulates the securities market, and the US Commodity Futures Trading Commission, which oversees the implementation of legislation.”

In recent weeks, the SEC has filed a number of lawsuits against illegal ICOs, and the CFTC is reviewing the activities of cryptocurrency exchanges Bitfinex and Tether, the company that likely owns the controversial token USDT.

Recently, Messrs. Clayton and Giancarlo published a joint article in the Wall Street Journal that served as an impetus for industry oversight and a warning to those who promote investing.

“Market participants, including lawyers, trading floors and financial services companies, should be aware that we are concerned about the many examples of how form trumps substance, depriving investors of essential protections,” they said. article.

The Committee meeting will be broadcast online.

According to https://www.coindesk.com