The head of the CFTC: an approach to bitcoin ETF needs to be more meaningful
Chris Giancarlo, the head of the Commission on commodity futures (CFTC), in an interview with the CFTC, explained the difference of points of view of regulators in relation to approved bitcoin and futures fall under the jurisdiction of the SEC as securities bitcoin ETF products:
“We are very old institutions, and our provisions were written in the 1930-ies… Our focus (CFTC) – institutional investments, their (SEC) — retail… From us (СFTC and the SEC) have a different focus, a different history, and we approach these things from different perspectives… the CFTC is concentrating at the moment on aspects of fraud and manipulation in krypterade”
As an example, activities to combat fraud and manupulate market, Giancarlo recalled the success of last week in the case of My big coin when in Boston Federal court, the Agency received the authority to prosecute fraudulent cryptoform.
Noting that agencies continue to balance between regulatory measures and the desire to support innovation, Chairman of the CFTC, said:
“In the US we have advanced with the very first bitcoin derivatives, bitcoin futures traded on the CME and bitcoin options and bitcoin clearing – we are the first in the world in this”
However, explaining the absence of positive decision in relation to bitcoin ETF, Giancarlo noticed that in some areas the U.S. should “adopt a more prudent and informed approach, what adhered to the U.S. Congress 20 years ago in the early days of the Internet.”
Also in an interview with Chris Giancarlo has shared his thoughts about the future of cryptocurrencies, noting that “the future of cryptocurrency is” but not necessarily “they will be competitors to the dollar and other hard currencies, but there is a whole part of the world that desperately needs the functional currency” because of the weakness of the local Fiat:
“In a world of 140 countries, each of which has its own currency. Perhaps 2/3 of them are not worth the ink on the paper on which they are drawn. These parts of the world rely on hard currency. Bitcoin can solve some problems, whether it is bitcoin or another cryptocurrency”
We will remind that the Chairman of the Commission on trade commodity futures (CFTC) decided to retire when his five-year term of service in this post will expire in April 2019.
In cryptosuite Giancarlo was nicknamed “Cryptopp” after his keynote speech at the hearings in Congress in which he explained the role that cryptocurrencies have played in the lives of younger members of his family:
“We must respect the enthusiasm of this new generation in respect to virtual currencies and to offer them thoughtful and balanced response and not to Express contempt”