CFTC Chairman Christopher Giancarlo Favors Dexterous Approach to Crypto
Toward regulating America’s nook of the cryptoeconomy without stifling innovation, J. Christopher Giancarlo, head of the U.S. Commodity Futures Trading Commission, said in new remarks it’s time to be “deliberate, and well informed” where crypto policymaking is concerned.
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Strong On Innovation
On the sidelines of Singapore Summit 2018, CFTC Chairman Giancarlo told CNBC that America’s leaders should employ a moderate approach towards regulating the cryptoverse in a bid to give the industry the opportunity to mature over time.
The CFTC head likened the fledgling digital asset space as being akin to the early years of the Internet, wherein the regulatory environment fostered, rather than stifled, innovation. With that paradigm in mind, Giancarlo argued the same regulatory environment should be actualized around the budding crypto industry.
To that end, Giancarlo specifically commented:
“I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.”
It isn’t the first time Giancarlo has talked agreeably about an open-minded approach when regulating cryptocurrencies. Earlier in February, the CFTC head told Congress that cryptocurrencies and blockchain tech had turned his own kids onto financial topics for the first time and that his commission was to be focused on busting scammers, not builders.
Strong Against Manipulation, Forward-Minded
Echoing that February sentiment, Giancarlo reiterated at the Singapore Summit that the CFTC remained steadfast in its work to mitigate market manipulators in the cryptoverse.
He went on to argue the nascent crypto market needs some interim measures to bring a stop to illegal activities, but that relevant long-term legislation should be carefully tailored and that the current regulatory attitude should be to tread lightly beyond scammers.
“When it comes to fraud and manipulation, we need to be strong,” Giancarlo said. “When it comes to policymaking, I think we need to be slow, and deliberate, and well informed.”
Giancarlo also highlighted that the CFTC has been among the most progressive regulators in the world when it comes to crypto, insofar as it was the first of such bodies to administer regulated bitcoin futures.
“We at the CFTC saw the very first regulated offerings of bitcoins futures,” he said. “No other regime in the world has allowed this to go forward.”
It’s a notable point, particularly as jurisdictions around the world are surely looking to America and watching how the CFTC is offering enough room for the sector to flourish.
Should the cryptocurrency space be regulated? Share your views in the comments section.
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