During the live discussion on Fox Business, CFTC Chair J. Christopher Giancarlo responded to questions related to inflation, the markets, and cryptocurrencies including Bitcoin itself.
J. Christopher stated that cryptocurrencies are something CFTC have been watching since 2015 at the Commodity Futures Trading Commission and since then cryptocurrencies were declared as a commodity under CFTC jurisdiction.
All this time CFTC took a “Do know harm” approach to cryptocurrencies but at a current stage is oriented to keep technologies evolving within the USA.[irp]
More Institutional Movement
Regarding further cryptocurrency expansion, CFTC Chair said, “We are seeing more institutional movement into this area and I think with more institutional movement we should see more maturisation of it and we still have a long way to go, there’s a lot of issues.”
Mr. Giancarlo named lack of transparency, a lot of conflict of interest, lack of system safeguard as the most critical issues needs to be solved before cryptocurrency expansion could be endorsed more actively and added, “Like all things it takes time to mature and with the movement or more institutional investors into this space I think we will see that maturisation”.