Many people in the crypto space having expertise and responsibilities consider the current regulation outdated and need updates, especially for crypto.
Former Chairman of Commodity Futures Trading Commission (CFTC), Chris Giancarlo, while speaking at the Crypto Bahamas conference held on Thursday. ‘Crypto dad’, while mentioning the US crypto regulation topic, said that the current US regulations are outdated as they were written in 1930, and for now, they are non-applicable to the existing financial realities and requirements like cryptocurrencies.
While putting his concerns regarding the bank’s take on cryptocurrencies, Giancarlo said that while reading the statements or comments of the European Central bank, you will see nothing but FUD, a term used for fear, uncertainty, and doubt, towards the independent and decentralized cryptocurrencies that are not under the control of governments or authorities. He took the example of China, which took a similar approach while banning all the cryptocurrencies and their operation except its own CBDC, the digital Yuan.
For his supportive and optimistic stance toward cryptocurrencies, the former CFTC chairman was called Crypto dad. After completing his tenure at CFTC from 2017 to 2019, he founded the Digital Dollar Foundation.
At the conference, Giancarlo spoke with former CFTC commissioner Mark Wetjen on a panel. Wetjen last year joined crypto exchange platform FTC as head of policy and regulatory strategy. During the conference, Wetjen, while making an argument, said that regulatory authorities in the US have a fair number of authorities to take extra care and pamper the rules and figure out how to place financial products into the system.
Wetjen said that he thinks what’s there for us that we needed to see is more entrepreneurialism and aggressiveness over the portion of the agencies’ staff, and they also need leadership in the agencies to guide them in the approach. He said that the application of FTX for the CFTC is an opportunity for the agency to bring or make something innovative for itself. He referred to the company’s proposal that allows margined products to be cleared directly by the participants.
We are not asking for any special treatment for the digital assets but a model that can fit with the regime. The application is being offered to reflect the option for users and participants to come over the platform directly without any involvement of an intermediary, although that is only an option.
Source: https://www.thecoinrepublic.com/2022/04/29/why-does-former-cftc-head-and-ftx-executive-wetjen-think-the-commissions-application-is-an-innovation-opportunity/