CFTC Chairman: Cryptocurrency is ‘Here to Stay’
The head of the US regulator Commodity Futures Trading Commission (CFTC) Christopher Giancarlo, has commented positively on the status of cryptocurrencies as a force for good, stating that it may even be suitable in replacing useless currencies around the world.
Giancarlo stated in an interview with CNBC that cryptocurrency is “here to stay,” even if it never achieves the ultimate goal of becoming the world’s leading currency, as Square CEO Jack Dorsey said that he believes it will.
Chris Giancarlo revealed that CFTC is more focused on consumer protection, rather than spurring innovation, saying that, “We’re very focused on the fraud and manipulation aspects of cryptocurrency markets right now.“ He then went on to add that the Commission won a case in Boston court last week, which allowed the agency to pursue charges against those, responsible for crypto-related fraud.
Chairman Giancarlo went on to offer a timeline as to when cryptocurrencies will be embraced by more people around the globe.
We’re talking maybe 10 years down the road.
Focused on consumer protection, Giancarlo likewise noted the CFTC and fellow regulator the Securities and Exchange Commission (SEC) was “concentrating” on fraud regarding cryptocurrency at present.
“On one hand we’re really strong and hard against fraud manipulation; on the other hand, we’re innovative and thoughtful when it comes to innovation.
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