Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Technology

Former Commodity Futures Trading Commission chair Chris Giancarlo critique US regulation at Bahamas crypto conference

Former Commodity Futures Trading Commission chair Chris Giancarlo says the current US regulatory framework is “not fit for purpose” when it comes to crypto.

At FTX and SALT’s Bahamas conference, Giancarlo sat on a panel with former acting CFTC head and current legal policy and regulatory strategy of FTX, Mark Wetjen. The two discussed the current state of crypto regulation in the US.

When asked how they’d grade the US regulatory structure for crypto on a scale of 1 to 10, Giancarlo said he’d give the country a zero.

“I mean no disrespect to the regulators,” he said. “These are regulations written 90 years ago, in the 1930s.”

Wetjen, for his part, graded the US a “four to five,” given the flexibility in those 90-year-old regulations. To close the gap, he said there are some barriers in current regulations, but more importantly, there needs to be a more active embrace of the crypto industry from people at the top. 

“What we really need to see I think is more entrepreneurialism and aggressiveness on the part of the staff of the staff at agencies, and I think they’re trying as hard as they can, but it really takes some leadership at the top,” he said.

The recent executive order from the Biden Administration is a good start, Wetjen continued.

Giancarlo also pushed for a privatized approach to the use of crypto in societies, like the growth of central bank digital currencies (CBDCs). He said he’s concerned crypto will become marked by a central bank approach, in which central bankers set the terms of crypto use, including the issuance of CBDCs, rather than a free-market approach to crypto solutions.

Giancarlo also runs an initiative advocating for the creation of a digital dollar, called the Digital Dollar Project. 

Wetjen touted FTX’s proposal before the CFTC, which posits a framework for crypto derivatives trading, as a means for the agency to make a forward leap in its treatment of crypto regulation. 

Featured

NFT

Worldwide music and entertainment giant Warner Music Group (WMG) has joined forces with OpenSea to introduce dedicated landing pages for their artists. The WMG roster will...

Finance

Though the recent months haven’t been very good for the crypto industry, this could not deter some crypto investors from being bullish about this...

Altcoin

The down-trending market that took its resistance from $1.35134 on the 10th of September did not go too far before it begins to face...

Crypto News

Robinhood, a leading investment app, has rolled out its newest product — a crypto wallet that charges zero transaction fees to its users. For...