RATE Group | Cryptocurrency Needs More Rules than Oil: Fmr CFTC Chair
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Cryptocurrency Needs More Rules than Oil: Fmr CFTC Chair

17 Oct Cryptocurrency Needs More Rules than Oil: Fmr CFTC Chair

Posted at 01:42h in Cryptocurrency News by

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Gary Gensler CFTC blockchain cryptocurrency

Former Commodity Futures Commission Chairman Gary Gensler, who helmed the organization from mid-2009 to early 2014, recently shared his opinions on cryptocurrency regulation in a Bloomberg interview.

Need For Regulation

Gensler was asked about the validity of blockchain technology, and the regulator-turned-blockchain-lecturer stated outright that it “has a real chance to be a catalyst for change in the world of finance.” He pointed out the fact that the decentralized nature of blockchain is significant, and noted that when he teaches blockchain technology at MIT, that “the class is crowded.”

When asked about how it should be regulated, he continued to state that if cryptocurrency truly is to be a part of the future, it must “come inside of the public policy envelope.” He stated the importance of protecting investors and guarding against illegal activity. He pointed out the fact that the large cryptocurrency exchanges have to comply with either the SEC or the CFTC,…

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