When the Internet flourished, it did so because the government didn’t choke the industry with regulations. Doing so would have destroyed growth and innovation.
“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,”says J. Christopher Giancarlo, chairman of the U.S. Commodity Futures Trading Commission told CNBC.
His statements echo those of new SEC Commissioner Elad Roisman. The Donald Trump-appointee also favors an approach that is fair and transparent.
“It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable,” he said.
Fraud and Manipulation
However, while Giancarlo does advocate for a “do no harm” approach, he also recognizes risks for fraud and manipulation. “When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow and deliberate and well informed.”
Regulations: CFTC is Positive on Cryptocurrency
Interesting to note, the CFTC has been rather positive on cryptocurrencies.
Back in June 2018, for example, CFTC Commissioner Rostin Benahm noted, “[V]irtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. Some places, small economies, may become dependent on virtual assets for survival. And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations. We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”
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