CFTC Head Giancarlo: Crypto Are Here to Stay
Many people consistently following the US agencies like SEC and CFTC. Their moves are pretty important for the cryptocurrency sphere and a lot of people waiting for their move about regulations before making an investment. Most recently, CFTC chair Chris Giancarlo has spoken to CNBC’s Bob Pisani on the program called Fast Money as he discusses his role in the cryptocurrency space.
Giancarlo said they have no tolerance for fraud and manipulation and as CFTC, they are working very hard to protect investors from fraudsters. He added:
“We’re very focused on the fraud and manipulation aspects of cryptocurrency markets right now. In fact, last week, we just won a big victory in Boston federal courts that certifies our authority to prosecute fraud and manipulation in the crypto space and we’ve been very active at it.”
CFTC really known with their no tolerance approach towards fraud. Most recently, they sued cryptocurrency startup My Big Coin for example, as they filed a complaint for the company who mislead the investors with their investments.
But, CNBC’s Pisano might have a good point. Pisano said the heavy-handed approach could result from US startups falling behind on a global scale as CFTC and SEC have to measure their regulations very carefully. Giancarlo agreed with that statement saying they are not looking to block innovation and good things across the sphere.
Pisano also asked what he thinks about the future state of the market. Giancarlo responded with care once again but it’s safe to say he’s pretty optimistic going forward. He said:
“I think that cryptocurrencies are here to stay. I think that there is a future for them. [But] I am not sure if they will ever come to rival the dollar or other hard currencies, but there is a whole section of the world that is hungry for functioning currencies, [like Bitcoin].”
While a lot of regulating bodies across the world seems to be against cryptocurrencies, it seems Giancarlo and CFTC have other ideas. They are truly believing the decentralization, trustless and digital assets as they think cryptocurrencies will become a part of our life for the foreseeable future.
So, we can easily say Giancarlo and his commision are currently working in favor of cryptocurrency companies and firms, as they are certainly not against them.