CFTC Chairman: Cryptocurrencies Regulation To Be Adjusted
A significant amount of laws and rules regulating the cryptocurrency turnover do not comply with the current economic criteria. Christopher Giancarlo, the chairman of the Commodity Futures Trading Commission (CFTC), expressed this opinion in the interview with CNBC.
The expert noted that the CFTC considers the issue of cryptocurrency circulation regarding the protection of institutional investors' interests. Simultaneously, the US Securities and Exchange Commission (SEC) focuses on the lobbying of the middle and small investors' interests.
According to Giancarlo, he and his colleagues with a great sense of responsibility consider the chief issues of the cryptocurrency market, including fraudulent and manipulative operations and their prevention.
There are several leading innovative sectors, which, if properly regulated, will develop rather successfully, the chairman of the CFTC mentioned. He believes that such a development of the business sphere can be explained by the existence of the particular part of the world, interested in the proper functioning of the cryptocurrency market.
As previously reported, 1Broker, the company trading bitcoin features, have announced the restriction of its website operation due to the allegations by the SEC and the CFTC concerning the federal laws violations.