CFTC Chairman is Positive on the Future of Cryptocurrencies
The Chairman of the Commodity Futures Trading Commission or CFTC, J. Christopher Giancarlo is still confident to his vision. His latest comments regarding cryptocurrencies continue to encourage the crypto community that there is a prosperous future for the crypto industry.
Recently, in an interview with CNBC, the Chairman of the CFTC Christopher Giancarlo stated that digital assets are ‘here to stay’.
“I personally think that cryptocurrencies are here to stay. I think there is a future for them. I’m not sure they ever come to rival the dollar or other hard currencies, but there’s a whole section of the world that really is hungry for functioning currencies that they can’t find in their local currencies. There’s 140 countries in the world, every one of them has a currency. Probably two-thirds are not worth the polymer or the paper they’re written on, and those parts of the world rely on hard currencies. Bitcoin [or another] cryptocurrency may solve some of the problems”
— CNBC’s Fast Money (@CNBCFastMoney) October 1, 2018
Chairman Giancarlo continued his speech by sharing an interesting factor about time. In his opinion, there is no need for more than a decade for cryptocurrencies to be adopted on a global scale:
“We’re talking maybe 10 years down the road.”
Even so, the Chairman thinks an important part of the social responsibility should be taken under supervision of the regulatory bodies as they are the first ones to show a “thoughtful” approach regarding the adoption of digital assets, regardless of the fact that the U.S. may lose its position as a leader in blockchain tech development.
“There’s no question that the United States is leading in a number of areas,” he claimed, linking to the U.S. bitcoin derivatives ecosystem, “but there’s other areas as well of innovation where I think it makes sense for us to take a little bit more of a thoughtful and intelligent approach, just as the U.S. Congress did 20 years ago in the early days of the internet.”
J. Christopher Giancarlo is often called a “Crypto Dad” by the cryptocurrency community mainly due to his vision on virtual currencies. He first served in the administration team of former President Obama as Commissioner of the CFTC. Since 14 March 2017, Giancarlo is the President of the same Commission.
Author: Adriana Midrigan