The CFTC Wants to Create a Market Just for Crypto According to its Chairman

Given the lack of regulation in the cryptocurrency market, the arguments have been made that it is an industry to steer well clear of, especially for potential newcomers to the industry. Of course, if you’re an advocate of cryptocurrency then h you know it’s an industry that you want to be involved in. 

But back to regulation, the need for a better and more clear ruling is a common topic brought up by notable influencers but not just the crypto industry. 

One such influencer is the United States Congressman, Patrick McHenry who proposed a certain innovation act which would help promote further innovation in the financial industry. 

McHenry went onto say this:

“We need to have smarter regulations so you can have money brought to bear for these innovations to take place. We need some certainty out of the CFTC and the SEC, as well as the Treasury and the IRS.”

The industry has caught the eye of the United States government over the past several months. This includes the Presidential candidate, Andrew Yang who is said to be a big enthusiast of cryptocurrency and blockchain. 

Chairman of the United States Commodity Futures Trading Commission (CFTC) Heath Tarbert has said that that the commission is getting ready to create a market for digital currency. He added:

“By allowing them to come into the world of the CFTC, we’re allowing the futures market to develop based on these products and in that way, when people are interested in purchasing a particular digital asset of the two, Bitcoin or Ether, they can rely on the futures market”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!