In an interview with CNBC, the U.S. Commodity Futures Trading Commission (CFTC) Chair, Chris Giancarlo, discussed cryptocurrencies and their impending regulation, noting that crypto is here to stay.
Speaking on CNBC Fast Money show on Tuesday, the chairman of CFTC, Chris Giancarlo, talked about the future of cryptocurrencies and regulatory matters, showing a bullish stance on cryptos.
The U.S.’s regulation of cryptocurrencies
The discussion began with Giancarlo answering a question on what he needs to do to ensure that the cryptocurrency market is well regulated to allow average Americans to invest. He said that the CFTC is focused on tackling fraud and manipulation of the crypto market, in order to protect US investors.
Innovation in the U.S.
When asked about the United States and whether it’s very pro innovative, Giancarlo replied:
It is the United States that has gone forward with the very first bitcoin derivatives and futures with the CME, and also bitcoin options and bitcoin clearing. We are ahead of the world in that… But there are other areas as well in innovation where I think it makes sense for us to take a little more of a thoughtful and intelligent approach.
Future of Bitcoin
Speaking on bitcoin’s future and where he sees it in 2 years, Chris Giancarlo said that he personally thinks that ‘cryptocurrencies are here to stay’, and added there’s a ‘future for them.’
Giancarlo was however quick to state that he isn’t sure that cryptocurrencies would ever come to rival the dollar or other fiat currencies.
CFTC and blockchain and crypto projects
However, even though CFTC appears to be pro-bitcoin and cryptocurrencies, there’s little it can do considering the fact that Initial Coin Offerings and ETFs are under the SEC’s watch.
With all eyes on the SEC to give a response on the bitcoin ETFs that it has promised to review, the comments by Giancarlo about the future of cryptocurrencies gives hopes to crypto investors, who will be hoping for a green light for one of the ETFs.