The head of the CFTC: I think cryptocurrencies will remain. The future they have
The Chairman of the Commission on urgent exchange trade of the USA (CFTC) and Christopher Giancarlo has once again shared his opinion about bitcoin and other cryptocurrencies, claiming that they will certainly remain in the future. At the same time confident that they will be able to compete Vietnam currencies, it is still there.
#Bitcoin is a commodity, but how do you characterize the rest? @giancarloCFTC, the man in charge of #crypto regulation, goes on the record. pic.twitter.com/hn2B1UOnGH
— CNBC”s Fast Money (@CNBCFastMoney) October 1, 2018
Speaking in the program Fast Money on CNBC, he also touched on such topical issues as the regulation of cryptocurrencies, again expressing previously voiced the opinion that many existing laws are outdated and do not meet the realities of today.
He also noted that while the CFTC is coming to the cryptocurrencies from the point of view of institutional investors, their colleagues from the Commission on securities and stock exchanges primarily focused on protecting retail investors.
“We pay great attention to such aspects of the cryptocurrency market, as fraud and manipulation,” said Giancarlo.
In his opinion, in the world of cryptocurrencies there are several innovative areas that can be very successful with the right approach regulators.
“I think cryptocurrencies will remain. Future they have. But I’m not sure they will ever be able to compete with the dollar or other hard currency. However, there is a whole part of the world that really wants to have a functioning cryptocurrency,” — said the head of the CFTC.
This is not the first statement Christopher Giancarlo on cryptocurrency. Previously, he also spoke of the need for competent regulation of this industry and what it takes to amend laws, dated 1935.