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US CFTC Chair: We Have Resisted Calls to Suppress Crypto Assets’ Development and Chosen Not Hindering Crypto Products’ Introduction

Abstract : The Chair said CFTC rejected calls for restraining development of cryptocurrency and blockchain, and took the approach of monitoring market development while not blocking introduction of new crypto products like Bitcoin futures.

ChainDD
ChainDD

Apr 06

April 6 (ChainDD) Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission (CFTC), said the U.S. regulator of financial derivatives rejected calls for restraining development of cryptocurrency and blockchain, and took the approach of monitoring market development while not blocking introduction of new crypto products like Bitcoin futures.

According to official website of CFTC, in a speech delivered at a fintech forum held in Europe recently, Giancario introduced CFTC’s regulation on cryptocurrency, so-called crypto assets. He stated: “And consider the CFTC’s approach to the development of new derivatives products on crypto-assets like Bitcoin.  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.”

Giancario also said he supports G20’s reforms but wish to make sure they implemented in ways that enhance derivatives markets, not stifle them.

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