The head of the U.S. commodities regulator experienced a distinct message in the course of a speech on Friday: he is not an evangelist for cryptocurrencies.
Speaking at Vanderbilt Law School past 7 days, Commodity Futures Buying and selling Commission (CFTC) chairman J. Christopher Giancarlo dealt with the notoriety he knowledgeable right after offering remarks that appeared sympathetic to bitcoin and other cryptocurrencies.
As previously reported, Giancarlo testified just before a Senate committee on the subject matter in February, notably expressing that “we owe it to this new technology to respect their enthusiasm about digital currencies with a thoughtful and balanced reaction, not a dismissive one.”
He included at the time that it is critical for policymakers to teach on their own about the subject matter, though at the exact time cracking down on the fraudsters who choose advantage of investors’ enthusiasm.
As Giancarlo relayed on Friday, these reviews in February won plaudits from the cryptocurrency community, tens of 1000’s of Twitter followers, and a new nickname and hashtag: #CryptoDad.
However he didn’t want the attention the remarks brought, telling occasion attendees:
“I neither predicted nor wished-for that a several phrases spoken in the course of a Senate hearing broadcast on C-SPAN would guide to an Andy Warhol ’15 minutes of fame.’ Nor was I – or am I – a digital currency evangelist.”
Giancarlo continued by pointing out that “get loaded fast schemers” and “shady business people” are popular in the cryptocurrency sector, but that they are joined by “a growing contingent of professional, institutional end users.”
“What I experienced acknowledged at that Senate hearing is the existence of a community that sights technological know-how as an agent of social change. Lots of of them have appear of age in the course of the 2008 money disaster – the exact disaster to which Bitcoin experienced emerged in reaction,” he went on to say.
Turning to the subject of regulation, Giancarlo pointed out that the Commodity Exchange Act incorporates no reference to cyrptocurrencies, so the law need to be reinterpreted to match new technological know-how – assuming it is not revised by legislators. “
It is like an outdated computer operating system that struggles to support this new and complicated application,” he mentioned.
Image by way of CFTC/YouTube