It was in New York that several experts converged and the topic was Cryptocurrency. One thing that came out clearly was the issue about regulators and the question was on whether or not they were there to stay. Of course it is a question that elicits varying reactions among different people and everyone is entitled to his/her own.
One of the experts present opined, “But even for those wary of government oversight, it’s perhaps a less unpleasant thought in light of the previous day’s hearing before the U.S. Senate Banking Committee, where the chairmen of the SEC and the CFTC expressed a generally open attitude toward crypto.”
Brian Quintenz, who happens to be a member of the Commodity Futures Trading Commission while addressing several analysts, disclosed that the hearing conducted on Tuesday was by all means free of the much anticipated scaremongering pronunciations. It has always been the order of the day for any such occasions and those in the occasions usually look forward to hear them and the deviation from the norm, has resulted in much speculation.
By listening closely to the commissioner it was easy for anyone to tell that he was definitely advocating for the formation of a self-regulatory organization. He went further to make a mention of the National Futures Association and the Financial Regulatory Industry Authority citing them as the perfect examples of such a model. According to him, such an organization would move quite a long way helping deliver the much needed oversight of the spot market and exchanges.
The commissioner was very clear in outlining that times had changed and the world had moved past those days of saying no to innovators or to the advancements in technology.
The general manager of the Coinbase-operated digital asset exchange GDAX Adam White proceeded to say that the oversight by the government was a matter they were welcoming. White affirmed that at Coinbase they were embracing regulation in a major way. He went further to state that they saw regulations as a complementary segment of the financial system in a number of ways.