More

    Regulations Will Support Growth of Cryptocurrency Market, According to Former CFTC Chair

    Regulation in the crypto market has long been the enemy of decentralization and investors. However, a former chairman with the CFTC has a much different opinion, believing that the only way for the crypto market to reach its potential is to implement regulations that make room for growth.


    • Former CFTC Chairman Gary Gensler attended Business of Blockchain event
    • Clear regulations would protect participants from market manipulation, loss of private keys, etc.

    Creating an atmosphere for growth is crucial for any budding market. Since Bitcoin first established digital assets as an option for investors and consumers, there’s been a battle against the world of traditional finance, fighting back and restricting the market. However, as more traders joined the community, economics struggled (and continue to struggle) with establishing criteria that allows them to function in a balanced way. Though many crypto proponents are against regulation, the former chairman of the Commodity Futures Trading Commission (CFTC) Gary Gensler commented that the crypto market needs regulation, as it will help with the industry’s growth.

    Regulations are often implemented to guide the economy and even the government in the way that cryptocurrency will be handled, but they also provide protection to consumers. Gensler spoke at the MIT Technology Review's Business of Blockchain 2019 today, where he discussed his view with Cointelegraph.

    While discussing the way that regulations would impact services and products, Gensler pointed out that protection for consumers and investors must be covered in the law. This level of protection defends victims of market manipulation, private keys losses, and other dangers that are common in the market.

    Gensler was asked if the approval of a Bitcoin ETF would make a difference in the market. He replied that the SEC is working to make sure that the Bitcoin ETF market would not be at risk for manipulation, in the event that there’s an exchange-traded fund made available. As Gensler sees it, the market needs to be overseen appropriately to ensure that they can mature. Further regulations could ultimately lower the risk of market manipulation, which needs to be reduced to truly see the market flourish.

    While attending the MIT Bitcoin Expo 2019 two months ago, Gensler had argued that it is important to issue a national level regulation that can cover crypto trading broadly. This regulation would coordinate the efforts between preventing money laundering and dealing with the discrepancies found in the current regulatory situation in multiple states.

    During the same event, SEC Commissioner Hester M. Pierce voiced her support for only having light regulations to allow more room to grow. However, she reminded attendees that security offerings still have to follow the registration requirements issued by the SEC.

    The current chairman for the CFTC, Christopher Giancarlo, commented that he sees more clearinghouses to submit applications, due to the growing interest in Bitcoin, among other crypto assets.

    /category/

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,366FansLike
    2,784FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    National Internet Finance Association of China Warns Against Manipulative Crypto Exchanges

    The National Internet Finance Association of China(NIFA) has issued a warning for investors who have been associated with the crypto-verse about the growing risks...

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.