The US CFTC remains optimistic about Bitcoin's prospects, while moving to revise rules for cross-border swap trading
U.S. Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert commented positively on Bitcoin's prospects, saying it is "taking root and has future potential." He also noted that enforcement against fraud and market manipulation is being strengthened. Additionally, on October 1, the CFTC issued a white paper outlining an updated regulatory approach for cross-border swap transactions.
Cryptocurrencies Will Take Hold
In a CNBC interview, Tarbert stated, "The CFTC is very active in addressing fraud and manipulation in the crypto space."
When asked if the United States is not pro-innovation, he replied, "The U.S. was one of the first to market Bitcoin derivatives with Bitcoin options and clearing, together with CME. We are ahead of the world in that regard. However, there are several areas where a more cautious approach is warranted."
The CFTC is in favor of Bitcoin, but there is little it can do about big Bitcoin ETFs and ICOs (Initial Coin Offerings) because Bitcoin ETFs and ICOs fall under the jurisdiction of the SEC (U.S. Securities and Exchange Commission).
Tarbert noted that the CFTC and SEC are traditional agencies established in 1930. The CFTC approaches cryptocurrencies from the perspective of institutional investors, while the SEC must consider it from the viewpoint of protecting retail investors. Ultimately, he said, it is important to balance eliminating misconduct with fostering blockchain innovation. Tarbert concluded, "Personally, I believe cryptocurrencies will take hold. I think they have future potential."
