Joseph Otting Believes Cryptocurrency has the Potential to be Mainstream
Cryptocurrency could be adopted more
Federal bank regulatory agency chief Joseph Otting believes that cryptocurrency has the potential to become mainstream. According to Otting: “When I was young, I had cat’s eye marbles which I used to trade for baseball cards with my friends.” This is the same optimism about cryptocurrency between a wealth of financial regulators and the leaders in the industry as a session held by the United States Chamber of Commerce Center for Capital Markets.
The Financial Services Committee believes that regulatory guideline should be applied more to Initial Coin Offerings. According to Rep. Bill Huizenga: “Since we already know that fraud is happening, the longer we wait for the harder it is going to be to put the toothpaste in the tube.” Huizenga continued to say that he had been engaging Otting and the SEC Chair Jay Clayton about the possibility of regulating cryptocurrency.
After Huizenga left the session SEC Corporation Finance Director Bill Hinman emphasized on the sub-committee that ICOs has the potential to help in capital formation only if the process was conducted within security laws. However, Job Hensarling who heads the Financial Services Committee did not clarify whether he will come up with a bill on crypto regulation before the year ends when his term will end.
The talk on cryptocurrency regulation has been taking center stage in almost every country with some people believing that they crypto sector will destabilize economies while other see the sector as the future. Recently the sector received a massive boost after Nasdaq CEO said the sector was very legit and that it would grow massively in the future. This is despite the fact that Bitcoin and other digital currencies have had a very difficult first quarter of 2018 with Bitcoin losing half of its value. There is, however, hope after the market started recovering well last week.