New CFTC Chairman Could Be The Enemy Of Bitcoin: Report

New CFTC chairman Heath Tarbert will replace the so-called ‘’Crypto Dad’’ on July 15 and the community is wondering whether he will be bitcoin’s worst enemy. Why is this the case, we can read in the latest cryptocurrency news below.

The U.S. Senate confirmed Tarbert by a vote of 84 to 9 and he will be Christopher Giancarlo’s successor starting in July. Giancarlo was nicknamed as ‘’Crypto Dad’’ because of this pro-bitcoin stance. He even expressed his ‘’enthusiastic congratulations’’ to Tarbert after calling him ‘’highly qualified.’’

Tarbert’s position on crypto is still unknown. All we know that he is extremely pro-business so he could be opposing over regulating the crypto industry and will stifle innovation. The New CFTC chairman aims to help the agency transit into the ‘’21^st Century regulator for today’s digital markets.’’

He is also now acting as undersecretary at the U.S. Treasury and he is the member of the Financial Stability Board which is an international body that monitors the global economy. The SFB recently pointed out that cryptocurrencies are not a threat to the economy of the world.

When he gave his final speech in Congress back in May, Giancarlo made clear that there would be an ‘’explosion of interest in cryptocurrencies’’ and also stated that the CFTC is trying really hard to keep up with the evolving developments in today’s environment and its high-speed tech evolution.

However, he also noted that the current pace of the technology is overwhelming for regulators. Giancarlo says that the CFTC should try the ‘’exponential growth mindset’’ and to follow the rapid pace of innovation. The Crypto Dad believes that bitcoin and the crypto market is not going away so the regulators should keep it up with the developments in order to respond accordingly.

As reported in the coming altcoin news, the Securities and Exchange Commission engaged in a massive crackdown of the crypto industry targeting insider trading and financial fraud. In the meantime, the lawmakers of the country introduced the Token Taxonomy Act which will amend the Securities Exchange Act to exclude cryptocurrencies from the securities laws:

 “In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy and for American leadership in this innovative space.”