Yesterday (5th February, 2018) Commodity Futures Trading Commission chairman, J. Christopher Giancarlo made a suggestion about having a “do no harm” registration procedure for cryptocurrency and distributed ledger startups as well as companies in his written testimony that he submitted in front of the Senate Banking Committee.
CFTC Chairman Supportive of Cryptocurrencies
In his statement he said, “Virtual currencies such as cryptocurrencies symbolize a major shift in the way we look at payments, engagement in economic activities and the usual financial processes.
Not quite. I said: “Do no harm” to distrib ledger tech. Virtual currency needs more attentive regulation
— Chris Giancarlo (@giancarloCFTC) February 6, 2018
Additionally, ignoring such development does not mean that they will go away and it will also not be a very responsible regulatory reaction.”
Overall, this written testimony submitted by Giancarlo was very much supportive of technology utilized by distributed ledgers and in the testimony Giancarlo also made a comparison between blockchain movement and what happened during the dot com era.
He added that, “Do no harm” proved to be the right steps which helped in development of what we know as internet today and this same approach will be right for the distributed ledger technology.
Unfounded Tension Regarding Regulatory Actions
