J Christopher Giancarlo, the Chairman of CFTC (Commodity Futures Trading Commission) has expressed his bullish stance on cryptocurrency, saying that it has a tremendous future and “will continue to stay” even if it does not take over the world the way how investors always like to see. He has also clearly stated that the SEC (Securities and Exchange Commission) and CFTC are still grappling with the formation of crypto regulations in the industry.
According to the CFTC Chief Giancarlo, Bitcoin and other top cryptocurrencies will be assisting the consumers to escape fiat currency in the majority of the places by 2028. He said that two-thirds of fiat currencies are presently in circulation as “not worth the polymer or the paper they are printed on.”
Since Donald Trump-appointee Giancarlo is one of the topmost derivative regulators within the US, his prediction on cryptocurrency future is worth listening. While clarifying the disparity between CFTC and SEC’s stances on the digital currencies, he reminded that the statures of all the regulations were made in the 1930s. Based on his opinion, it is clear that while CFTC focuses on risk markets and possesses more institutional focus, SEC looks towards capital formation with a retail focus. The perspectives of both the regulators are different as their orientations do not match each other.
During a recent interview with CNBC Television, the 59-year old American attorney also dropped hints on crypto asset regulation. He opined that CFTC is very focused on fraud and manipulation in the crypto space and the independent agency is very active on it. From his comments, it is clear that on one hand, CFTC is actively working against fraud manipulation, on the other hand, the agency is quite innovative and thoughtful as far as the innovation is concerned.
“(And) yet it is the US that has gone forward with the very first Bitcoin derivatives and futures with the CME and Bitcoin options and Bitcoin clearing. We are ahead of the world in that. However, there are some other areas where we need to take a more thoughtful approach,” he added, as reported by CoinGape.
While commenting on the future of cryptocurrency, Giancarlo said that he is not sure if the digital currencies will ever come to rival the dollar or other hard currencies, but he believes that there is a whole section of the world that is hungry for functioning digital currencies, News BTC noted.
The post US CFTC Chief Gives Hints On Crypto Asset Regulation, Says Cryptocurrency Has Immense Future appeared first on OWLT Market.
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