CFTC Chairman: CFTC always tries to nurture crypto-assets development

07 Apr, 2019 | Updated: 07 Apr, 2019
by Fifi Arisandi
CFTC Chairman: CFTC always tries to nurture crypto-assets development

The US Commodity Futures Trading Commission (CFTC) Chairman, J. Christopher Giancarlo mentioned how his commission has always tried to support cryptocurrency in a speech in Bucharest, Romania. 

The crypto community has a crypto Dad. At the Eurofi Financial Forum in Bucharest, Romania, the Chairman of the US Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo delivered a speech that revealed his support for cryptocurrency.

During his tenureship in CFTC, Giancarlo noticed not everyone is willing to or have the intention to embrace the development of new derivatives products on crypto-assets like Bitcoin.

According to him, such resistance has obstructed innovation as well as blockchain adoption by various businesses across jurisdictions.

His commission’s approach, on the other hand, has been always to look for ways to nurture it, at least while it’s under his supervision.

“We have resisted calls to use our legal powers to suppress the development of crypto-assets and the underlying technologies that support them. Instead, we have favored 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,” said Giancarlo in his speech.

According to CCN, several notable “achievements” of the CFTC during Giancarlo’s leadership is the approval they gave to Chicago derivatives exchange to launch their respective contracts, that has paved the way for the launch of Bakkt and the Project KISS initiative that aims to simplify the commission’s rules and regulations.

Read more: While still no launch date, Bakkt CEO says they're "making solid progress"

As Giancarlo’s service will come to an end in just a couple of days, crypto Mom, Hester Peirce seems to have prepared herself to carry the torch.

Giancarlo will still continue to serve after April 13, 2019, until President Trump appoints a successor.

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