CFTC Chairman Stated Bitcoin ‘Like Gold’ Although Not Perfect As Medium Of Trade

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Bitcoin Bears Several Similarities To Gold, But It Has Elements Of Many Different Assets

Commodity Futures Trading Commission (CFTC) Director J. Christopher Giancarlo said that bitcoin bears a few similitudes to gold, in spite of it has components for many different advantage classes.

Giancarlo, to whom large portions of cryptocurrency enthusiasts lovingly refer as “Cryptodad” because of as much eagerness to captivate for the early businesses with an open mind, said in an interview with CNBC that bitcoin might be not perfect as a medium of trade anyhow has qualities that make it associated to virtual gold.

He told:

“There are certain aspects of this that you may call a virtual asset like gold, only it’s implicit, it’s digital. Although it is an asset that many find trustworthy of operating for a constant time, and that has looks that might not be perfect as a medium of exchange, which might be more adapted as a buy and hold strategy.”

The market regulator, who might have to talk with the organization from the yearly Milken Conference in Los Angeles, included that it’s difficult to flawlessly fit bitcoin and a significant number of other cryptocurrencies under current administrative classifications, the more considerable part from which date following to 1930s.

He included:

“Bitcoin and a number of its other virtual money matches have elements of all of the different asset classes, whether they’re meeting payment, whether it’s a long-term asset. We see elements of commodities in [bitcoin] that are subject to our regulations, but depending on which regulatory regime you’re looking at, it has different aspects of all of that.”

Regulators and lawmakers have examined if the CFTC and the Securities and Exchange Commission (SEC) should have more power to manage the cryptocurrency markets, but Giancarlo has pushed that any such determinations must aggravate In the authoritative — not the administrative — level.

At present, the CFTC supervises the trading of bitcoin futures, which would order as items and as presently listed on US exchanges CBOE and CME.

The CFTC also investigates cryptocurrency-related cheating and market manipulation, in spite of it doesn’t need the power to direct trading platforms concerning standard support.

Recently, the agency published an investor cautioning on cryptocurrency pump-and-dump schemes, through which traders direction to control the cost of a stake. It also advertised trade remunerates to whistleblowers who warn authorities to these plots.

Likewise, CCN reported, Giancarlo’s five-year term expires the following April, and he has said that he won’t search reappointment and will resign once President Trump appoints a successor.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.