SEC Chairman and CFTC Chairman: Two organizations understand the importance of digital assets and blockchain technology

The chairman of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), two financial regulators, testified in Congress on May 8. SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo pointed out in their testimonies that the two agencies understand the importance of digital assets and blockchain technology. According to Clayton, the US Securities and Exchange Commission's Office of Compliance inspection and inspection has classified "digital assets, including cryptocurrencies, coins, and tokens," as high-risk investments. CFTC Chairman Giancarlo said that the CFTC is working hard to adapt to this environment and become a “quantitative regulator”. He added that the CFTC should “be able to conduct independent market data analysis across different data sources, including decentralized blockchain networks, without relying on self-regulatory agencies and market intermediaries.”