CFTC Chairman Doesn’t See Crypto Legislation Passed Anytime Soon

CFTC Chairman Doesn’t See Crypto Legislation Passed Anytime Soon

The chairman of the US Commodity Futures Trading Commission (CFTC) Chris Giancarlo, stated that he doesn’t see comprehensive crypto legislation being passed from the federal government in the near future as reported to CNBC on April 30.

Giancarlo pointed out an interview that the statutes that CFTC are operating under were written in 1935. Embracing modern innovations like Bitcoin or blockchain technology with laws invented decades ago is going to take some time.

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He also states that the complicated nature of Bitcoin and cryptocurrency make it very difficult to regulate.

“…Bitcoin and a lot of other virtual currency counterparts really have elements of all of the different asset classes whether a medium of payment, whether a long-term asset, and so as regulators we’ve come to grips with this just now in real time and it’s complicated. And I don’t see it being resolved any time soon.”

Giancarlo stated that there are a growing number of Congressmen and Senators that would like to approach the topic with “new eyes”.

The main role of regulators is to ensure that the market follows the laws set by Congress. A new, emerging Congress who are open to technological advancements are the ones capable of resolving the regulatory dissonance with cryptocurrency.

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