SEC Announces Support For CFTC To Have Authority Over Bitcoin, Uniglo.io's NFT Backing Makes It A Commodity Also

Gary Gensler, Chair of the Securities and Exchange Commission, expressed support for Congress granting direct authority over Bitcoin and some other cryptocurrency assets to the Commodity Futures Trading Commission at an event at Georgetown University, Washington D.C.

He was quoted as saying, “I think the CFTC could well have greater authorities. They currently do not have direct regulatory authorities over the underlying non-security tokens” at the Financial Markets Quality Conference being held at the learning center.

If Gensler’s suggestions came to fruition, the CFTC would have regulatory control over cryptocurrency spot markets, which Bitcoin investors have long been hoping for, versus the alternative of regulation from the SEC. He made clear, however, that this would only apply to crypto the U.S. already classifies as a commodity, which Gensler remarked, “you can count on the fingers of a hand or two…” the number of crypto coins that do not fall under the SEC’s scope.

This announcement follows a recommendation from the Financial Stability Oversight Council which voted unanimously in favor of this action.

This will also be interesting for Uniglo, which is a token backed by a vault of assets in NFT format. Like Bitcoin and Ether, Uniglo will likely be classed as a commodity due to the way the platform functions. With limited supply, no additional emissions, and hyper-deflationary tokenomics, falling under the CFTC will make it significantly easier to access the GLO token and reap the rewards of the Uniglo team’s action plan without fear of heavy taxation or restrictions on your assets.

The assets held in the Uniglo treasury will include tokenized gold, watches, real estate, and many other ways of keeping stable long-term value that support the project’s market cap overall.

With the Uniglo presale reaching its final stage, all eyes are on the launch, which has shown considerable momentum so far as seen from investors’ reactions in the Telegram communications channel.

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