CFTC Chair Christopher Giancarlo Expects Huge Increase In Crypto Interest

CFTC chair Christopher Giancarlo who is also a strong Bitcoin supporter expressed that he expects a massive increase in the interest in cryptocurrencies especially after the launch of Bitcoin futures products. The altcoin news gives some more detail on his stance so let’s read more about it.

The CFTC chair who is coming close to his retirement, says that the launch of bitcoin futures products should increase the interest in cryptocurrencies. Giancarlo stated his views in a speech before the Congressional committee on May 1. During his speech, he outlined his tenure at the Commodity Futures Trading Commission and their response on the increased use of digital currencies and algorithmic financial markets.

Giancarlo also pointed out that the CFTC tries hard to keep up with the evolving of the crypto environment. However, he also said that the meteoritic pace of the evolving technology is overwhelming for regulators. This is why the CFTC must respond by adopting a new ‘’growth mindset’’ that will follow the rapid pace but also embrace the market-based solutions.

Basically, Giancarlo is suggesting that blockchain and bitcoin are not going to disappear any time soon so federal regulators must follow the developments in the industry and to respond accordingly. He also addressed the establishment of LabCFTC which is the agency’s fintech research group. The mission of the research group is to explain the innovation to the CFTC staff in order to help with the regulation process. The group now has more than 250 interactions with tech innovators from Silicon Valley to Singapore and London.

Giancarlo also remarked the ongoing enforcement of the CFTC against the bitcoin scam artists as pointed out in the latest cryptocurrency news previously. He says that the CFTC will hunt down criminals who manipulate the financial markets. The CFTC chair also says that the federal agencies should approach regulation in the same way as regulating the internet and that means using the ‘’do-no-harm’’ approach. He explained:

 “I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes. When it comes to fraud and manipulation, we need to be strong. When it comes to policy-making, we need to be slow and deliberate and well informed.”