According to a news report from Fox Business, the former U.S. trading commissioner Bart Chilton claimed that Bitcoin is “not a scam or fraud.”
He believes Bitcoin is sustainable, but he’s not sure if it’s sustainable at its current price.
The former Federal Reserve chairman Alan Greenspan, expressed his concerns about the sustainability of Bitcoin last week. Chilton replied:
“I don’t think it’s, you know, a fraud, like [JPMorgan CEO] Jamie Dimon said, or a pyramid scheme like [Russian] President Putin said. I mean, people are actually using Bitcoins to purchase things. So, that’s not a scam or a fraud. I do think it’s sustainable, I don’t know if it’s sustainable at these prices “
Also, Chilton, who was a commissioner at the U.S. Commodity Futures Trading Commission from 2007–2014. He admitted in the interview he hopes that Bitcoin regulations will bring some protections for consumers. But they shouldn’t be “overly zealous.” In addition, he said that CME Group’s plans to launch Bitcoin futures by the end of this year will bring needed regulations to the place.
His announcements took place after European Central Bank president, Mario Draghi claimed that cryptocurrencies are too “immature” to be considered for regulation.