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Head of CFTC: cryptocurrency has a future, but they will not compete with fiat

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The Chairman of the US Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, once again shared his opinion on Bitcoin and other cryptocurrencies, saying that they will certainly remain in the future. At the same time, he is still not sure that they will be able to compete with fiat currencies.

Speaking on the Fast Money program on CNBC, Giancarlo also focused on such an urgent issue as cryptocurrency regulation, reiterating the opinion already expressed by him that many of the current laws are outdated and do not meet today's realities.

He also noted that while the CFTC approaches cryptocurrencies from the point of view of institutional investors, their colleagues from the Securities and Exchange Commission are primarily focused on the protection of retail investors.

“We pay very great attention to such aspects of the cryptocurrency market as fraud and manipulation, ” said Giancarlo.

In his opinion, there are several innovative areas in the world of cryptocurrencies that can be very successful with the right approach of regulators.

“I think the cryptocurrency will remain. They have a future. But I'm not sure that they will ever be able to compete with the dollar or other hard currency. Nevertheless, there is a whole part of the world that really wants to have functioning cryptocurrencies, ”added the head of the CFTC.

This is not the first statement by Christopher Giancarlo about cryptocurrency. Earlier, he also spoke of the need for competent regulation of this industry, and also that it needs to amend the laws dated 1935.

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