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Home Cryptocurrency Technology

Ex-CFTC Chair: Regulation Creates Confidence Needed for Broad Crypto Adoption

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency Technology
Reading Time: 3min read
Regulation
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The former chairman of the CFTC believes that the U.S. government policy makers need to take a technology neutral stance on blockchain, but says that regulation is necessary on its application to protect investors and help crypto reach widespread adoption.

Gary Gensler Speaks on Bitcoin, Blockchain, and Future Regulation

While pundits like financial analyst Nouriel Roubini call blockchain technology the “most over-hyped technology ever,” nearly every industry is researching how blockchain can streamline operations, increase transparency, and reduce operating costs. The technology’s revolutionary potential has also caught the attention of the United States government, particularly chief finance market regulators the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

After claiming that blockchain technology “has a real chance to be a catalyst for change in the world of finance,” former CFTC chairman Gary Gensler added that for cryptocurrencies like Bitcoin and Ethereum are to become “part of the future,” the industry and market needs to “come inside of public policy envelope.”

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“That means we need guard against illicit activity, and yes we need to protect investors,” Gensler said while speaking to Bloomberg at the Institutional Crypto: Laying the Foundation conference in New York.

Gensler, who teaches students about blockchain at the Massachusetts Institution of Technology (MIT) adds that big cryptocurrency exchanges, citing Coinbase as an example, need to fall under the SEC or CTFC’s guidelines to protect investors. The CFTC earlier this year launched an investigation into Bitcoin price manipulation, demonstrating their interest in keeping cryptocurrency markets free from illicit activities.

However, despite Gensler’s prior work at the CFTC, he himself appeared unsure if cryptocurrency would better suited under the SEC or CFTC’s purview, only adding to the confusion cryptocurrency investors face. In a landmark ruling last month, a judge ruled that Bitcoin was classified as a commodity, making them subject to the rules and regulations set forth by the CFTC.

Bitcoin, being a fully decentralized version of digital gold, is being treated as a commodity by the SEC as well. SEC chairman Jay Clayton also went on record stating that Ethereum isn’t classified as a security under the SEC’s definitions. However, hundreds of other cryptocurrencies that were issued from an initial coin offering (ICO) are likely to come under SEC’s scrutiny, not the CFTC.

Gensler says that “pure cash” cryptocurrencies like Bitcoin need additional protections that the CFTC can provide, but any crypto assets born from ICOs are essentially the same as an initial public offering (IPO) and should be treated as securities under U.S. law. “If it quacks like a duck and waddles like a duck, it’s a duck,” Gensler added as an analogy.

The former CFTC chair says that blockchain and cryptocurrencies are “more hype than reality” currently and are three- to ten-years away from scaling to meet current enterprise needs. However, Gesnler believes that once regulations are in place, blockchain and cryptocurrencies will become broadly adopted.

 

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Tags: bitcoinbloombergcftcCommodity Futures Trading CommissionethereumGary GenslersecSecurities and Exchange Commission
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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