On Friday, U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo suggested that An influx of institutional investors to the cryptocurrency markets may help the space “mature”.
Giancarlo added that the CFTC is making strides to regulate the cryptocurrency space by collaborating with Fox Business citing that there has been an increased activity in the crypto space, which he stated would help the markets grow.
“We’re seeing more institutional movement into this area. With more institutional movement we should see more maturation of the crypto markets.” he said.
He went on to add:
“We’ve still got a long way to go, there’s a lot of issues in some of these spot exchanges, a lack of transparency, a lot of conflict of interest, a lack of systems and systems safeguards, and that’s a concern. But you know, like all things, it takes time to mature, and with the movement of more institutional investors into the space, I think we’ll see that [maturation].”
He also talked about CFTC taking enforcement seriously pointing out that there are a lot of scammers and fraudsters in the cryptocurrency marketplace, and when they find them, they’ll take them out.
With 2 US federal judges ruling that the agency has the power to enforce the Commodity Exchange Act against individuals or entities potentially committing fraud using cryptocurrencies, they went after My Big Coin and it’s founders Randall Crater and Mark Gillespie on charges of defrauding investors by selling false cryptocurrency trading advice.
He went on to assure the public that his agency’s approach will not harm innovation in any way but would instead see innovation develop within the U.S. in the right manner.
He concluded by saying that it was under the CFTC’s watch that the very [first] two bitcoin futures products had emerged and it was their emergence that ended the bitcoin bubble of 2017.
The CFTC with its legal wins will help regulate the cryptocurrency markets which is necessary because of the increased scams and frauds.
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