La Comisión de Valores y Bolsas (SEC) se ha involucrado en una batalla legal relacionada con los derivados perpetuos vinculados a acciones individuales de EE. UU. Presentó un escrito judicial en apoyo a la Comisión de Comercio de Futuros de Mercancías (CFTC), que está demandando a la Capital Markets Alliance (CMA). Esta intervención pone de manifiesto la creciente división entre los reguladores con respecto a quién debería ser responsable de la regulación de estos productos.
La SEC rechaza las acusaciones de que la CFTC actúe sin supervisión
La SEC cuestionó el argumento de la CMA de que esta había excedido sus facultades al aprobar estos derivados perpetuos. El grupo industrial había presentado una demanda la semana pasada para anular las decisiones de la autoridad reguladora, alegando que había sido perjudicado por la no cumplimentación de la Ley de Procedimiento Administrativo, que establece las normas que deben seguir las agencias federales al proponer nuevas regulaciones.
La CMA sostuvo que la definición de derivados de la SEC incluía a estos productos, y también cuestionó las razones detrás de la aprobación, solicitando al tribunal que anulara dichas aprobaciones.
No obstante, la SEC señaló que los cambios introducidos por la CFTC en sus regulaciones aún están en proceso de aprobación. También destacó la colaboración habitual entre las agencias en la regulación de los mercados financieros.
“El escrito de apoyo de la SEC explica por qué esa descripción —de una CFTC que actúa de manera independiente y una SEC que desaparece de la escena— es errónea”, afirmó la agencia.
Las empresas de criptomonedas desafían la demanda de la CMA a medida que se intensifica el debate regulador
La CFTC también cuenta con el apoyo de varias compañías importantes de comercio y criptomonedas, que presentaron una demanda conjunta en su defensa. Entre ellas se encuentran Coinbase, Payward (empresa matriz de Kraken), Kalshi, DRW Holdings, Paradigm y Jump Trading.
A las plataformas Coinbase, Kalshi y Payward se les ha concedido el permiso para lanzar contratos perpetuos vinculados a acciones estadounidenses; esta autorización se decidió el 2 de noviembre.
No obstante, la oposición a estos productos sigue siendo muy alta. Better Markets y la ex comisionada de la SEC, Allison Herren Lee, han presentado documentos en apoyo de la posición de la CMA.
Better Markets sostiene que, debido a su estructura y a los posibles riesgos, estos contratos deberían estar sujetos a la legislación sobre valores.
“Aunque la CFTC y estas plataformas comerciales los denominan ‘futuros perpetuos’, en realidad se trata de intercambios de valores que deberían ser regulados por la SEC, con fuertes protecciones para los inversores”, afirmó Better Markets.
El grupo también señaló que tales instrumentos podrían exponer a los traders minoristas a pérdidas significativas, ya que están relacionados con los riesgos derivados de la crisis financiera de 2008.
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