The Chairman of the Commodities and Futures Trading Commission, Christopher Giancarlo, recently spoke about the regulation of Bitcoin [BTC] and the approach that they are taking. Moreover, he marked the asset class under the jurisdiction of the CFTC, citing recent rulings by federal courts.
Giancarlo is known for his open regulatory stance on cryptocurrencies, earning the nickname CryptoDad from the cryptocurrency community. His statements reflected his attitude towards the asset class, offering a solution for the open regulation of the markets.
He began by clarifying the CFTC’s role in the market, stating:
“Our job is to make sure that the markets work efficiently, are operationally competent, [and] have great integrity. Our job is to make sure that we remove bad actors from the markets and those who seek to manipulate those markets so those who depend on the markets can depend that the price is fair and well-priced and well-set.”
He spoke about the history of cryptocurrencies at the CFTC, stating that they have been “watching” the asset class since 2015. Giancarlo also declared that the class was under the regulatory jurisdiction of the CFTC. He stated:
”Cryptocurrencies are something we’ve been watching since 2015 at the CFTC. In 2015 we declared cryptocurrencies as a commodity under our jurisdiction, and since then we’ve been watching them very carefully. Our authority in this area has just been confirmed by two federal courts, so we’re really on this strongly.”
He stated this in reference to a recent ruling by a Federal Court, where District Judge Rya Zobel stated that the CFTC could work towards charging a fraudulent company known as My Big Coin Pay Inc. with the fraud allegations. According to the ruling, MBC fell under the definition of a commodity under the Commodity Exchange Act.
The CFTC also launched a probe into cryptocurrency markets during May in conjunction with the United States Department of Justice. The probe was aimed at identifying fraudulent parties in the cryptocurrency market, resulting in the subpoena of many significant exchange platforms such as Coinbase and Bitstamp.
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