Top US regulator: Bitcoin and crypto – “currencies in order to stay”
Home News Top US regulator: Bitcoin and crypto-currencies “have come to stay”
Marcus Misiak –
The Chairman of the CFTC (Commodity Futures Trading Commission), J. Christopher Giancarlo, said in an Interview with CNBC that Bitcoin and crypto-currencies“, a phenomenon which will not disappear again. This Thesis may sound like a statement from a Bitcoin-trailer or a crypto-Hedge-Fund-Manager, in fact, it was published by one of the leading derivatives regulator in the United States.
Already two weeks ago, Giancarlo noted that the regulatory authorities should not inhibit the Monitoring of crypto-currencies, innovation, and alert to manipulations should be. In the Interview, he suggested a similar “Do no Harm”approach, such as in the regulation of the Internet.
In the new Interview with Bob Pisani of CNBC Giancarlo met to discuss the regulatory role of the CFTC for the crypto industry. For him, as a Regulator it had to pull out the black sheep from the market:
We are concentrating at the moment on the fight against fraud and manipulation aspects of the crypto-currency markets. In fact, we had won last week in front of the Federal court of Boston, a major victory that confirms our authority to pursue fraud, Manipulation in the crypto area, and we were very active.
Giancarlo for the win on a decision of the Federal court in Boston, which allows the Commodity Futures Trading Commission to pursue a case, the fraudster has made of Fundraising activities with the project My Big Coin (MBC). MBC has been accused to have investors of over $ 6 million cheated. The attorneys of MBC requested to dismiss the proceeding, because My Big Coin is not a derivative and therefore not within the jurisdiction of the CFTC. Even if the decision in the crypto Community was controversial, the court upheld the jurisdiction of the CFTC.
CNBCs Pisani spoke to Giancarlo on the current debate, that of the persistent regulatory approach of the USA, Start-ups, to go abroad, in order to eliminate any risk of by the Supervisory authority imposed control. Many of the crypto-Community criticize that the SEC and the CFTC hold intentionally, the regulation of Bitcoin and crypto currencies in order to keep the “old” markets are stable. Giancarlo said:
We are old agencies. Our articles of incorporation were written in the 1980s, and we are working with a 30-year-old Software, we want to use for a new Innovation that did not exist before.
Remarkably, Giancarlo also said that crypto-currencies are “here to stay”, even if Bitcoin will probably never reach the ultimate goal, to be the leading currency of the world:
Personally, I think that crypto-currencies are here to stay. I think there is a future for you. I’m not sure if you ever make the Dollar or other hard currencies of competition, but there is a whole part of the world, the is really hungry for the functioning of the currencies that you cannot find in your local currency. There are 140 countries in the world, each of them has a currency. Probably two-thirds of the Polymer or the paper they are written on, not worth it, and these parts of the world are in need of hard currencies. Bitcoin [or other] crypto-currency could resolve some of these problems.
At the request of Pisani, the time frame of the Giancarlo thinks is realistic, in the Bitcoin to establish fully and will be recognized, he stated:
Maybe we can talk about a period of 10 years.
The entire Interview from CNBC with the Chairman of the CFTC, and J. Christopher Giancarlo, you can see below: