Former CFTC Chairman: If the US SEC and CFTC jointly build a self-regulatory organization, it can fill the current gap in encryption supervision

Former U.S. Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad said in an interview with CoinDesk TV that if the U.S. Securities and Exchange Commission (SEC) and the CFTC jointly form a self-regulatory organization (SRO), it can fill the current gap in crypto regulation. As things stand, neither agency has the power to regulate cryptocurrencies. Several bills in the U.S. Congress are trying to address how cryptocurrencies should be regulated. But Massad thinks a joint SRO between the two agencies is a better path forward. While some in the industry have suggested making the cryptocurrency spot market subject to CFTC regulation, Massad said the CFTC is underfunded and the agency cannot handle regulation of the cryptocurrency spot market on its own.