The chairman of the US Commodity Futures Trading Commission (CFTC) believes that the government shouldn’t stunt innovation when developing regulations for the crypto industry.
Regulators can sometimes have it tough. Some crypto enthusiasts perceive them as the bad guys while others want them to be working harder to push regulations.
Walking the Line
Outgoing US Commodity Futures Trading Commission (CFTC) Chairman, J. Christopher Giancarlo, is aware of the fine line that these authorities have to tow when it comes to the cryptocurrency – developing regulations that keep users safe while not impacting on the growth and innovation of the industry.
According to CNBC, Giancarlo suggested that the US government use a “do not harm” approach, similar to when the Internet was starting out:
And I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.
Giancarlo did make his concerns known about market fraud and manipulation, adding:
When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow and deliberate and well informed.
CFTC Believe the US is on Track with Regulation Development
Some companies in the cryptocurrency industry have voiced their concern about the speed, or lack thereof, at which authorities are developing and implementing regulations. Well-known platforms, including Coinbase, have banded together to introduce the Blockchain Association, a group dedicated to educating policymakers about the industry which would hopefully result in clear and fair regulations.
However, Giancarlo doesn’t believe that authorities are dragging their heels and used Bitcoin futures as an example:
Some would say we’re too slow, others have said we’ve been too fast. So, we at the CFTC, saw the very first regulated offerings of bitcoins futures. No other regime in the world has allowed this to go forward.
Based on his comments, Giancarlo, who retires in April next year, seems to be aware of the intricacies involved in creating suitable regulations for the industry. His remarks also perhaps show that he is banking on a crypto future. This is good news for the industry and comes after US President Trump appointed a new pro-crypto SEC commissioner.
They say that good things come in threes so maybe we’ll see a positive outcome for SolidX on the 30th of September.
Do you think Giancarlo’s comments will impact the SEC’s result for SolidX’s Bitcoin ETF bid? Let us know in the comments below!
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