CFTC Chairman Believes Bitcoin Is 'Here To Stay'
Although crypto regulation has been discussed widely for years now, it is still of the biggest issues in the industry to date and has multiple unsolved problems.
There isnât a final decision on how these types of assets should be managed and controlled due to members of such influential governmental bodies such as the SEC (Securities and Exchange Commission) and the CFTC (Commodities Futures Trading Commission) havenât been able to reach a single opinion on the matter.
The Bitcoin ETF doesnât have permission from SEC to launch, however, the CFTC has a very different thought process on digital currencies and innovations which was announced by Christopher Giancarlo, the chairmen of the company. Giancarlo believes that virtual currency is âhere to stayâ even if doesnât become the leading class of assets around the globe.
Giancarlo went on to say:
âI personally think that cryptocurrencies are here to stay. I think there is a future for them. Iâm not sure they ever come to rival the dollar or other hard currencies, but thereâs a whole section of the world that is really hungry for functioning currencies that they canât find in their local currencies. There are 140 countries in the world, every one of them has a currency. Probably 2/3 are not worth the polymer or the paper theyâre written on, and those parts of the world rely on hard currencies. Bitcoin [or another] cryptocurrency may solve some of the problems.â
However, he still thinks that this could take at least ten years and even then there isnât a guarantee.
In a recent interview, he said that the community too focused on the negative side of the cryptocurrency markets which includes manipulation and fraud. He also believes that legislators should halt their attempts to pursue severe regulations regarding digital currency.
âThereâs no question that the United States is leading in a number of areas. But thereâs other areas as well of innovation where I think it makes sense for us to take a little bit more of a thoughtful and intelligent approach, just as the US Congress did 20 years ago in the early days of the internet.â
Giancarlo said that the statutes of such traditional agencies like the SEC have been set in stone for almost a century.