The CFTC chairman who is going to retire in a month has found a successor. Will he support cryptocurrency?
After learning that Christopher Giancarlo, chairman of the US Commodity Futures Trading Commission (CFTC), who supports cryptocurrency, will resign on July 15, bitcoin enthusiasts are full of nostalgia.
The US Senate confirmed Giancarlo's successor, Heath Tarbert, with 84 votes to 9.
Supporting innovative successor Heath Tarbert
Giancarlo is affectionately known as "crypto dad" for supporting bitcoin. In a statement on June 5th, Giancarlo expressed "warm congratulations" to Tarbert, who called Tarbert "very competent."
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Tarbert’s position on cryptocurrency is unclear. However, Giancarlo said that Tarbert strongly agrees with his view of helping the CFTC transform into a "digital market regulator in the 21st century."
Trubert, the Republican appointed by Trump, is very pro-business. Therefore, he is likely to oppose over-regulation of innovation.
Tarbert is currently Deputy Acting Secretary of the US Treasury. He is also a member of the Financial Stability Board. The Financial Stability Board is the international body responsible for overseeing the global economy.
The agency recently said that cryptocurrencies will not pose a threat to the world economy.
Giancarlo: Ready for the "explosive growth" of cryptocurrencies
In May of this year, Giancarlo predicted in his last speech in Congress that "people's interest in cryptocurrencies will increase dramatically."
At the time, Giancarlo said that CFTC has been working hard to keep up with the rapid development of today's technology environment.
However, he acknowledged that the rapid development of technology has stumped regulators. Therefore, Giancarlo said that the CFTC should adopt an “exponential growth thinking” to predict the rapid pace of innovation.
In other words, Giancarlo believes that the bitcoin and password markets will not disappear, so regulators should keep abreast of developments in order to respond accordingly.
SEC's cryptocurrency "big sweep"
The US Securities and Exchange Commission (SEC), the sister institution of the CFTC, has been battling the cryptocurrency industry, especially for financial fraud and insider trading.
At the same time, US Congressmen recently launched the Token Taxonomy Act. The bill will amend the Securities Exchange Act to exclude cryptocurrencies from securities laws. If the rule is passed, the SEC will not have jurisdiction over the cryptocurrency.
The lawmakers who support the bill believe that the bill will not kill the cryptocurrency industry in the budding through too cumbersome regulations, thus maintaining the competitiveness of the United States.
“In the early days of the Internet, Congress passed a piece of legislation that provided a definitive (development environment) that resisted the temptation to over-regulate the market. Our goal was to win the US economy and US leadership in this area of innovation. ""
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