RATE Group | CFTC Chairman Urges ‘Do No Harm’ Approach To Cryptocurrency Regulation
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CFTC Chairman Urges ‘Do No Harm’ Approach To Cryptocurrency Regulation

16 Sep CFTC Chairman Urges ‘Do No Harm’ Approach To Cryptocurrency Regulation

Posted at 00:02h in Cryptocurrency News by

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Comparing the development of cryptocurrencies to that of the Internet, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC) J. Christopher Giancarlo holds that regulators need to avoid inhibiting the innovation technology brings.

Tolerant but Cautious

Speaking to CNBC at the Singapore Summit September 14, CFTC Chairman J. Christopher Giancarlo shared his thoughts on cryptocurrency regulations and how it should be approached.

According to the official, cryptocurrencies need to be governed tolerantly. Giancarlo compared them to the Internet and noted that the latter has managed to flourish because the regulators didn’t step in heavily but rather applied a careful, “do no harm” approach.

The Chairman said:

I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.

However, Giancarlo also recognizes the risks of fraud and manipulation and holds that…

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