The Chairman of the United States Commodity Futures Trading Commission, J. Christopher Giancarlo, spoke with CNBC in an interview about digital asset regulations and how they need to be conducted in a way that doesn't hurt them.
The Chairman stated the world, and financial bodies are in a very different place than they were 10 years ago. He stated that the situations and circumstances are at very different places now compared to the 2008 market crash. He also spoke about how perspectives in financing and and regulations have changed after the crash of Lehman Brothers and the Great Recession.
One of the first organizations to call cryptocurrencies 'commodities' was the Commodity Futures Trading Commission. The CFTC is also responsible for oversight of other commodities, trade futures, and the derivatives market.
Giancarlo rebutted that the U.S. was too slow in processing matters related to digital assets and how quickly the U.S. was to allow Bitcoin futures to be traded in the country. He went on to say that “no other regime in the world would have allowed the futures program to go forward.”
His statement is backed up by Crypto Facilities, a Financial Conduct Authority regulated authority has stated they would be launching new futures contracts for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP. Crypto Facilities said in a Tweet:
“We have just launched Perpetual Futures on XBT/USD. And world’s first Perpetual BCH/USD, ETH/USD, XRP/USD, LTC/USD, and XRP/XBT contracts Use Bitcoin, Ether, Litecoin, XRP & BitcoinCash as collateral to trade 24/7!”
Giancarlo stated that the public enjoys commodities like the internet because of a 'do no harm' approach by regulatory authorities. He said that the same approach is being taken toward digital assets as well. According to Giancarlo, people need to be mindful of cryptocurrencies because of the volatility and numerous scams within the space. He said:
“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.”