Robert Gensler, chairman of the former US Treasury Commodity Futures Trading Commission (CFTC), reiterated the view in the testimony previously published: Libra is like securities. Gensler believes that there is no need to set up a new regulatory body. Some Members mentioned that Libra or other cryptocurrencies may be used for fraud, and how to avoid the sale of virtual sale. According to Gensler, this has nothing to do with technology, and most cryptocurrency exchanges are not regulated. Melin Demirors, chief strategy officer at CoinShares, said that some cryptocurrency transactions are regulated, including those in the US that attempt to comply with existing regulations. But Gensler disagreed, saying that many outside the United States are not regulated.