Within a recent Business of Blockchain event held at the Massachusetts Institute of Technology, former chairman of CFTC [Commodity Futures Trading Commission] namely ‘Gary Gensler’ aforementioned that the cryptocurrency market requires regulation in order to grow, so as to keep the users protected.
Speaking regarding the perspectives on such services & products as custody and Bitcoin ETFs [Exchange-Traded Funds], Gensler added that for the market to prosper and probably grow, capitalists need to know that they have both investor and uses protection embodied within the law just in case of market manipulation or losing of personal keys along with several other different issues.
When asked whether or not a Bitcoin ETF would be impactful if approved, Gensler expressed “the SEC [Securities And Exchange Commission] is doing their work to make sure that if there’s an ETF [Exchange-Traded Fund], that the market’ themselves for those ETF as well as the underlying Bitcoin [BTC] or Ethereum [ETH] it’s referencing isn’t very liable to manipulation.”
As per Gensler, it’s necessary to ensure market’ are properly overseen and sufficiently mature, and that the prospects of manipulation are very small or very restricted.
At the MIT Bitcoin Expo this year earlier in March, Gensler ‘delivered‘ arguments in favor of extending national level regulation over a broader spectrum of cryptocurrency trading, coordinating ML [Money Laundering] prevention and addressing the present restrictive and enforcement discrepancies across totally different states.
Within the conference, the SEC Commissioner named ‘Hester M. Peirce’ advocated for a lighter restrictive touch when attainable, whereas affirming that security offerings must comply with the SEC’s registration requirements.
Just yesterday, the present CFTC chairman named ‘Christopher Giancarlo’ ‘aforementioned‘ that the agency is expecting additional applications to open clearinghouses, driven by hiked interest in cryptocurrencies, specifically Bitcoin [BTC].