Coinbase asks Congress to grant CFTC spot market oversight

Cryptocurrency exchange Coinbase has argued that the U.S. Commodity Futures Trading Commission (CFTC) should have full authority over the cryptocurrency spot market.
"We are pleased that Congress has moved swiftly to provide protections for cryptocurrency users and regulatory clarity," said Faryar Shirzad, chief policy officer at Coinbase.
"This could significantly reduce the role of the SEC in the digital asset sector," he said.
"I will work to improve the performance of the CFTC by providing it with full oversight of the spot markets," he said, outlining six legislative priorities, one of which he stressed would be to give the CFTC full oversight of the spot markets.
Shirzad said, "Digital assets like Bitcoin and Ethereum are not securities, they are commodities. Therefore, through legislation,
"The CFTC must be empowered to oversee the cryptocurrency spot market, which will increase market transparency and protect consumers from fraud and manipulation," the statement said.
"Such a measure would significantly weaken the SEC's authority to regulate digital assets, but the SEC also has an important role to play," he said.
“Congress should require the SEC to provide clear fundraising rules so that blockchain projects can raise capital without treating all tokens as securities.
"We need to establish rules," he added.