On 14th September, in an interview with CNBC, J. Christopher Giancarlo, the Chairman of the United States Commodity Futures Trading Commission [CFTC] spoke about regulations and how they need to be conducted in such a way that the commodities are not harmed.
The Chairman stated that the world, financial bodies, in particular, was at a very different place than what it was 10 years ago. He stated that the circumstances and situations were at very different polarities right now compared to the catastrophic market crash that occurred back in 2008. He also talked about how financial perspectives and regulations had changed after the crash of Lehman Brothers and its resulting blowup of the Great Recession.
The Commodity Futures Trading Commission was one of the first bodies that had called cryptocurrencies a ‘commodity’ bringing it into the fore of marketable trade entities. The body is also responsible for overseeing other commodities, trade futures, and the derivatives market.
Giancarlo also spoke about how quickly the United States had allowed Bitcoin futures to be traded within the country and rebutted arguments that stated that the US was too slow in processing matters related to Bitcoin and other cryptocurrencies. The official also went on to say that “no other regime in the world would have allowed the futures program to go forward.”
This statement was backed up by the fact that Crypto Facilities, a Financial Conduct Authority [FCA] regulated authority had stated that the organization would be launching new future contracts for major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH, Litecoin [LTC], Bitcoin Cash [BCH] and XRP. Crypto Facilities’ tweet stated:
“We have just launched Perpetual Futures on XBT/USD. And world’s first Perpetual BCH/USD, ETH/USD, XRP/USD, LTC/USD, and XRP/XBT contracts Use Bitcoin, Ether, Litecoin, XRP & BitcoinCash as collateral to trade 24/7!”
Christopher Giancarlo was candid in stating that the population enjoys commodities such as the internet because of the ‘do no harm’ approach taken by regulatory bodies. He went on to say that such an approach is what governmental bodies are taking towards cryptocurrencies too. According to him, people need to be careful of entities like cryptocurrencies because of its volatility as well as the sheer number of scams and frauds affecting it. He said:
“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.”
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