CFTC Chairman Declines ?Cryptocurrency Evangelist? Title


The chairman of the U.S. Commodity Futures Trading Commission has denied being an evangelist for digital currencies. While delivering a speech at the Vanderbilt Law School the head of the commodities regulator in the United States, J. Christopher Giancarlo, admitted that previous remarks he had made with regards to virtual currencies during a congressional hearing had been taken to mean that he was sympathetic to bitcoin and the like. Giancarlo regretted that the remarks had brought unwanted attention to the extent that he was no being referred to as ?crypto dad?.

Balanced and thoughtful response

During his testimony to Congress Giancarlo had told a Senate committee that it was important to allow enthusiasts of virtual currencies and blockchain technology to be given a balanced and thoughtful response instead of being dismissed.

Giancarlo urged legislators and other makers of policy to acquaint themselves with the topic in order to create a conducive environment that will allow honest players to thrive but weed out bad actors. This is because the cryptocurrency space had been infiltrated by shady entrepreneurs and fraudsters though institutional and professional users were also getting on board.

“The cryptocurrency universe sadly contains a large share of get rich quick schemers, shady entrepreneurs and transactions in illegal goods. It also appears to have a growing contingent of professional, institutional users,” said Giancarlo.

Budget cut

This comes less than a month since lawmakers in the United States cut the budget of the U.S. Commodity Futures Trading Commission despite the regulatory body having asked for more money. Though the funding was reduced by $1 million it came at a time when the CFTC is moving to establish itself as the top regulator of cryptocurrencies as it is currently responsible for policing futures related to Bitcoin. Last year the regulatory body had asked that the funding for the agency be raised by 13%.

In a statement after the cut in funding a spokesperson for the U.S. Commodity Futures Trading Commission, Erica Elliot Richardson, said the chairman of the body had taken the development personally and would meet with the finance team in order to decide a way forward. While the budget of the CFTC was cut that of the Securities and Exchange Commission was increased by 3%.

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