Chris Giancarlo Doesn’t see US Congress Resolving Crypto Regulation Problems Anytime Soon
Crypto regulation will take time
Chris Giancarlo the Chairman of the US Commodity Futures Trading Commission has said that he does not see any signs of crypto legislation coming from the federal level in the near future. During an Interview yesterday Giancarlo noted that statutes by which the CFTC has been operating were written in 1935. He added that embracing digital currencies like Bitcoin within the rules written decades ago will be hard.
According to the chairman:
“The laws we are currently using were written in 1935, and it’s very hard to look at those statutes and find information about something new and innovative as Bitcoin and the other digital currencies. How do you fit cryptocurrencies in a regulatory rule written decades ago? It’s true that there are some elements of the commodities which are subject to our regulation but it depends on the regulatory regime you are looking at because it has different aspects of all that.”
Chris Giancarlo noted that the two main US Exchanges CME and CBOE were successfully trading Bitcoin futures contracts. He added that the nature of Bitcoin was making it very difficult to regulate:
“Cryptocurrencies and especially Bitcoin have elements different from other asset classes whether considered as a medium of payment or a long-term asset making it hard for regulators to control. I don’t see this problem being solved any time soon.”
The chairman noted that the aim of the regulator was to watch to ensure that all the market players act according to the laws set by the congress. He added that he expected to see it in congress either now or in the future an attempt to deal with the new technology.
When he was asked whether he believed the congress had the power to resolve the problems affecting the crypto space he stated that: “There are efforts being made by certain congressmen and senators whom we have interacted. They want to approach the issue in a new way and there is a growing chorus on Capitol Hill for some rethinking.”
Earlier the SEC Commissioner Robert Jackson said that ICO market was a good example of unregulated securities market.