CFTC Chairman: Increasing interest in cryptocurrencies may lead to more new clearing houses

According to Coindesk, CFTC Chairman J. Christopher Giancarlo said in a testimony on the "Status of the CFTC" by the House Agriculture Committee on Wednesday that the CFTC-regulated clearing house is "a key single point of risk in the global financial system" and It will continue to grow and become more complicated. The clearing house is a financial institution that facilitates transactions between the two parties and is an intermediary to ensure the trust of all parties. Giancarlo told lawmakers that the CFTC regularly checks these entities to identify any issues that may affect their ability to monitor risk. He added: "There is a surge in interest in cryptocurrencies, and the committee expects to have a new clearing house registration application; in this area, protecting cryptocurrencies will be one of the biggest risks."