CFTC Chairman Christopher Giancarlo: We Resisted Calls on Suppressing Crypto Asset Development
The chairman of the United States Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, informed that the agency has resisted calls to suppress development in the cryptocurrency space. The information was released by Cointelegraph a few hours ago.
CFTC Chairman Sais They Monitor The Crypto Market
The chairman of the CFTC explained during a speech at the Eurofi Financial Forum in Bucharest that the agency supports international efforts to review the effectiveness of the G20’s derivatives. The main intention is to enhance derivatives markets and making the rules and regulations simpler and less costly for market participants.
He has also mentioned that they resisted calls to use their power to suppress and restrain development in the crypto market.
About it, Mr. Giancarlo commented:
“We have resisted calls to use our legal powers to suppress the development of crypto-assets. […] Instead, we have favoured close monitoring of market developments while not hindering the introduction of new products like Bitcoin futures, which have proven invaluable in letting market forces determine the appropriate value of the Bitcoin.”
This shows that there is pressure from the traditional financial sector to stop the evolution and development of new technologies in the US market.
At the same time, he made a reference to a paper released by the Federal Reserve of San Francisco in which they informed that Bitcoin (BTC) futures trading at the CBOE and the CME had deepened the crypto derivatives market. They have also been able to offset speculative demand and allow for a balanced correction to crypto valuations.
In addition to it, Giancarlo said that the agency could create its own fintech innovation hub called LabCFTC. This is in order to learn more about blockchain technology and digital assets in the space.