- Brett Harrison: April legislation on CFTC would provide regulatory clarity
- Crypto trade volume would increase if there’s a markets rally
- Market rallying would benefit stocks too
FTX.US is a cryptocurrency exchange where digital assets like cryptos and NFTs can be stored and exchanged. Recently, Brett Harrison, President of FTX.US was interviewed by a crypto news agency. He explained what he felt would cause the crypto markets to rally. The factors, he believes, would apply to the stock market as well.
Economies may be heading into a recession according to several experts. Cryptocurrencies are valued at record lows; Bitcoin has fallen over 50% in the past 6 months. The Fed rate hikes did not have a positive effect on the market.
In the interview, Harrison said that an uptick in digital asset prices and regulatory clarity on crypto exchanges would ‘significantly’ spur crypto trading volume.
“There are two events that would probably bring significantly more volume. One is crypto prices going up again, sure…that’s also true for stocks. Number two, I think, is when there’s actually regulatory clarity over crypto exchanges.” Harrison said.
Referring to the Digital Commodities Exchange Act, Harrison believes the bill could provide clarity for exchanges.
“But let’s say that passes, and now the CFTC has oversight over, you know, Bitcoin and Ether, and FTX.US is able to register as a digital asset exchange. Every institution, every hedge fund, and every family office mutual fund who wants to get exposure directly to crypto can do so on an exchange that’s explicitly federally licensed. I think that will make a huge difference.”
Harrison added that other countries were looking forward to US legislation to formulate their laws on digital assets.
“There are many jurisdictions that are looking to see how the US acts, and want very much to craft their regulation around it, [and many of those nations] would look, for example, to our registration process, figuring out what disclosures are required in order for a token to be deemed listable for retail investors.”