In line with a recent ‘interview‘ with Business Insider, Chief executive officer of leading United States derivative market ‘CME Group’ named ‘Terry Duffy, ’ stated that Bitcoin’ [BTC] finite amount is a challenge for the regulators.
As per Duffy, the inability to run Bitcoin [BTC] on a deficit is very challenging for regulation. Explaining further, he added:
“The governments cannot run unless they can run on a deficit. I’m attempting to figure out why they might say, ‘Sounds sensible to me, as i want to be accountable and run everything on even-for-even basis. I can’t borrow against anything.'”
However, a leading selling point of Bitcoin [BTC] along with most other cryptocurrencies, have a restricted supply, which is an obstacle to their further adoption by state entities, as per Duffy. Explaining further, he added that the regulators are still cautious concerning cryptocurrencies, as they’re still a comparatively new monetary instrument:
“I do believe that the regulators are presently a bit more careful about just simply rubber stamping something relating to cryptocurrencies. You are going to have an offering that the regulators are going to have to get comfortable. And I assume it’s exhausting to get comfortable with just something that’s thus so new like this.”
Thereby, Duffy reiterated his stance from a Feb. interview with Bloomberg, when he stated that the leading commercial banks aren’t likely to get involved with the Bitcoin’ [BTC] and market unless the governments globally start accepting crypto-currencies.
Several cryptocurrency entrepreneurs and financial expert opt for stablecoins as the best use case of crypto-currencies. As an example, the Winklevoss brothers, who earlier ‘launched‘ their own USD-backed stablecoin, the Gemini dollar [GUSD], believe that ‘stablecoins‘ and tokenized securities are the upcoming futures of the cryptocurrency innovations.