cryptocurrencies, as fear swept through the market.."So it would fall under the CFTC for purposes of trading and the spot market and the futures market. And then when [a cryptocurrency] fits in the Howey Test [which uses four criteria to decide what qualifies as an investment contract] that makes it a security, it would fall under the SEC."
Last week, SEC chair Gary Gensler, who has previously pushed lawmakers for increased oversight of the fast-growing crypto market, signaled he agreed with Lummis, saying bitcoin"maybe" is"a commodity token."the House Appropriations Committee that the SEC has"jurisdiction over probably a vast number" of cryptocurrencies but not bitcoin, saying bitcoin would go"over there" to the CFTC.
"I think a lot of these tokens will fail,” Gensler said following the committee hearing, it was reported by the ."I fear that in crypto…there’s going to be a lot of people hurt, and that will undermine some of the confidence in markets and trust in markets."
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