Bakkt CEO Talks Cryptocurrency Exchange Regulation at CFTC FinTech Conference
Kelly Loeffler Bakkt CEO Says Regulations Could Help the Cypto Market to Grow
Regulations could help the cryptocurrency market to flourish. This is what Kelly Loeffler, CEO of the crypto exchange and platform Bakkt said on Wednesday. Loeffler was talking at the Fintech Forward 2018, a conference that is backed by the Commodity Futures Trading Commission (CFTC). The event focuses on many different topics including challenges, issues and opportunities related to cryptocurrencies, blockchain technology and more.
The cryptocurrency space has been growing in the last years. There are over 2000 different cryptocurrencies in the market and an unknown number of blockchain and crypto-related projects. However, regulations around the world are not appearing as fast and as good as the market would expect.
Loeffler commented that regulators and cryptocurrency companies are able to work side by side and create a safe ecosystem for investors as it happened in the energy sector back in 2002 and 2003. The CFTC and the Securities and Exchange Commission (SEC) should start to think about bringing more clarity to the market.
She explained that with regulation, markets would be able to grow, flourish and continue with the innovation trend. Investors would be protected and companies would have a clear legal framework to operate and continue with their expansion plans.
The conference has also featured a panel called “Crypto Assets and Markets” in which Richar Gorelick, head of market structure at DRW, was also present. Gorelick said that some practices that apply to stock markets can be used in the cryptocurrency world.
Gorelick commented about regulations in the cryptocurrency world:
“We need smart regulation not just to protect investors and consumers in the space which is essential but also to clear the way for the responsible market participants to invest and build in this [crypto market], DRW executive attendees.”
Other experts such as Peter Van Valkenburgh, Chris Brummer and John Pfeffer, took part in the round-table at the meeting. All of them agree with the fact that the regulatory environment in the United States is fragmented and that it needs to be unified.
There are several agencies at the federal level but also others at the state level. It is sometimes very difficult for companies to be compliant with everything, something that discourages investments in the country and in some states.
Bakkt will be one of the most important platforms for institutions and wealthy investors. The Intercontinental Exchange (ICE) is working in order to release the platform to the market as soon as this year. With it, several investors could start to enter the market and trigger a new price increase in the most important virtual currency, Bitcoin.