The ecosystem around Bitcoin and cryptocurrency keeps on to develop different regulatory structures in the US which still struggle to determine what for it is to found a framework in which it can be controlled.
Christopher Giancarlo, the Chairman of the CFTC, J. , went on CNBC’s Fast Money and declared that Bitcoin is a little bit of everything. Reporting to host Melissa Lee, the Chairman claimed: “Bitcoin and a lot of its other virtual currency counterparts really have elements of all of the different asset classes, whether they’re meeting payment, whether it’s a long-term asset.”
Conceding that cryptocurrency hardly correspond by the criteria that the different financial regulatory establishments in the US use, Giancarlo went on to explain that most of the asset definitions they use were instituted during the reform period of the 1930’s which makes it very difficult to use to a currency based on technology which is only about ten years old.
We see elements of commodity in it that are subject to our regulations, but depending on which regulatory regime you’re looking at, it has different aspects of all of that.
Where he pointed out some regulatory progress has been made is in the licensing of Bitcoin futures contracts traded on the CME and CBoE which he claimed are working quite well. He stated that Bitcoin being more suitable as a long term store of wealth then an perfect mean of payment without mentioning other cryptocurrencies like Bitcoin Cash that were created specifically as simpler to use forms of payment.
The chairman also said that in his opinion Bitcoin and the blockchain technology came hand in hand. That to fight against one while accepting the other would stymie the technological evolution of the ecosystem.
In conclusion of his report, Christopher Giancarlo underlined that regulating Bitcoin is going to be complicated and that he didn’t see the matter being solved anytime soon.