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President Donald Trump CFTC Appointee, Giancarlo on Cryptocurrency

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Cryptocurrency is on the tip of everyone’s tongues these days.

For example, former President Bill Clinton just warned against tight regulation.  Yale University’s endowment fund just made an investment.  Members of the US SEC are bullish, too.

In addition, now Donald Trump’s appointment to the US CFTC, J. Christopher Giancarlo says it’s here to stay, too.

“I think there is a future for them. I’m not sure they ever come to rival the dollar or other hard currencies,” he says, “but there’s a whole section of the world that really is hungry.”

Cryptocurrency May Help Dysfunctional Economies

According to him, digital assets have the potential to assist troubled economies around the globe. In fact, he notes that more than 67% of global economics have currencies with little value.   Cryptocurrency may be able those countries, and keep them operational.

In addition, the CFTC Chairman does not believe cryptocurrency poses any threat to existing currencies. For example, as noted above, he doesn’t think it will ever rival the dollar.

Bullish comments such as these, especially from a governing body are always welcome.

No Stranger to Cryptocurrencies

Not long ago, he also advocated for a “do no harm” approach.

“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 echoed those of new SEC Commissioner Elad Roisman.  In fact, that 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.

In conclusion, with the CFTC apparently on board with cryptocurrencies, we may soon near greater global adoption.  That, and it doesn’t hurt that members of the SEC like crypto, too.

 

 

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