The Chairman of the Commission on trade commodity futures (CFTC) said that not is an ardent supporter of cryptocurrency. Speaking at Vanderbilt Law school last Friday, the head of the CFTC and Christopher Giancarlo (Christopher Giancarlo) made observations on the opinion that he favors bitcoin and other cryptocurrencies.
As previously reported, in February, he spoke
the report before the Senate Committee, and stated that «we have a new generation to respect their enthusiasm for virtual currencies, and to make a deliberate and balanced decision in matters of regulation». He also added that the lawmakers should explore cryptocurrency, and to deal with scammers who use the enthusiasm of investors.
In the speech Friday, he said that this speech provoked a strong reaction from the cryptocurrency community, brought him tens of thousands of new Twitter followers and their own hashtag #CryptoDad. He noted that they did not expect and did not want such attention, saying to the participants:
«I did not expect and did not want to a few words uttered during a hearing of the Senate brought me such wild popularity. Besides, I never was and am not an ardent supporter of cryptocurrency».
Giancarlo also noted that «the scheme of a quick profit» and «questionable entrepreneurs» — a frequent phenomenon in the cryptocurrency sector. However, the industry is becoming more «professional, institutional users.»
«What I really acknowledged at the hearing in the Senate, is the existence of a community which considers technology as a means of social change. Many of them came of age during the financial crisis of 2008 — the crisis, during which there is bitcoin», he continued.
Turning to the question of regulation, Giancarlo noted that the Law on commodity exchanges are not mentioned cryptocurrencies, so the interpretation of the law should be amended in line with new technologies — if it is not revised by the legislature.
«It is similar to the old operating system where you cannot start a new complicated application,» he said.