Former CFTC Chairman Calls SEC Charges on Coinbase 'Boring'
Christopher Giancarlo, who used to be in charge of the United States Commodity Futures Trading Commission (CFTC), has shared his thoughts on the widely discussed crackdown on Coinbase Exchange by the Securities and Exchange Commission (SEC).
Giancarlo Finds SEC's Crackdown Dull
Giancarlo reiterated the views of Jim Harper, a supporter of digital currency, who remarked that although regulation by the market governing body is crucial, the approach is quite monotonic. Harper emphasized on how veteran Bitcoin users might not require an exchange in the foreseeable future, particularly considering the transactional prospects integrated with the functions for which they maintain the currency.
Giancarlo, who used to hold the position of CFTC Chairman, has displayed support for advancing crypto and his advocacy efforts have resulted in him being nicknamed "Crypto Dad".
Without providing a direct opinion on whether the legal actions taken by the SEC against these exchanges will succeed, it is widely believed that if they are successful, the impact will alter the schedule for when 'blockchain and cryptocurrency become the primary means of value transfer.'
In the community, there's a lot of discussion about whether or not the SEC will be successful in its attempts to take action against Coinbase and Binance. Some experts think that the regulator is going too far with its regulations. Coinbase and Binance plan to defend themselves in court, much like Ripple Labs Inc. which has been fighting against the SEC for over two years now.
Chasing Clear Regulations
The USA is thought to be lagging behind other countries regarding providing clear rules for the newly developing industry. The bigshots in the industry have asked for special guidance to help encourage creativity and development that will increase prosperity in every area.
A few individuals in the US Congress have acknowledged the great need for unambiguous regulations and have commenced specific actions to reorganize the SEC under the supervision of Gary Gensler.
The world of digital currency has matured and now has a value of approximately $1.1 trillion. Many people believe that a supportive regulatory environment is necessary to continue growing the market.
Benjamin Godfrey is a huge fan of blockchain and loves to write about how it can be used in real world situations. His goal is to spread the word about this emerging technology and help it become more widely accepted worldwide. He is passionate about teaching people about cryptocurrencies, which is why he writes for well-known media outlets and websites that focus on blockchain. When he's not writing, Benjamin enjoys sports and agriculture. Be sure to follow him on Twitter and LinkedIn.
The information shared might contain the author's personal viewpoint and is dependent on market circumstances. It is encouraged that you conduct your own research on the market before engaging in cryptocurrency investment. Neither the author nor the publication will be held accountable for any monetary harm incurred.
