Analyzing the “Crypto Dad” Successor at the SEC and What’s to Come for the Crypto Community
- CFTC Chairman to step down from his current role on July 15, 2019.
- New CFTC Chairman Heath Tarbert to be appointed, after receiving majority of votes.
Commodity Futures Trading Commission (CFTC) Chairman, Christopher Giancarlo (aka “Crypto Dad”) will officially be stepping down on July 15 reports CCN. The person to take over his position has been revealed as Heath Tarbert.
As per the results of the voting, which took place on Wednesday, June 5, Heath Tarbert got 84 votes for him, followed by nine who said no and seven did not even participate. The very next moment, Giancarlo congratulated the new chairman, calling him “highly qualified to lead the agency.”
Giancarlo has also summarized his contributions as a chairman, emphasizing on his initial goal of trying, “To transform the CFTC into a 21st Century regulator for today’s digital markets.” Since finding out the results, the soon-to-be former chairman expressed relief that the agency will be in the right hands.
CCN believes that Tarbert may be in favor of cryptos merely because he was selected by President Donald Trump – someone who is known for being supportive of businesses and laxer rules.
Expecting “An Explosion of Interest in Cryptocurrencies”
In concluding his speech, Giancarlo expects an “explosion of interest in cryptocurrencies,” adding that the CFTC will continue to work to catch up to the pace of technological advancements. He also recommends the agency to carry an “exponential growth mindset,” that way America can be beyond a global leader – succeeding in technology and innovation as well.
Token Taxonomy Act
The news outlet also revealed the SEC’s and U.S Lawmakers’ future plans. The latter supposedly revealed specs of the Token Taxonomy Act, which will not consider cryptocurrencies as securities. This also means that the SEC will no longer deal with the matters.
It seems like US lawmakers are yearning to ensure that America does not fall behind when it comes to competition within the technological sector, but succeeding will not happen without continuous contradictions and a good fight.
What are your thoughts on the new Chairman? Do you think he will be the next Crypto Dad? Let us know in the comments below.