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CFTC Chairman Says Bitcoin Is Difficult To Classify

Today, the chairman of the CFTC (Commodity Futures Trading Commission), the market and trade watchdog in the USA, tackled the subject of cryptocurrencies and especially bitcoin in an interview on CNBC. J. Christopher Giancarlo referred to bitcoin as an especially difficult thing to classify, due to having different traits that could be attributed to different kind of assets.
He declares that many agencies are seeing bitcoin and other cryptocurrencies in many different ways, seeking to regulate it in many forms. Giancarlo states that the problem with the bitcoin issue is that they are trying to evaluate a new type of asset with statutes that date from years back. He affirms that he sees traces of a commodity on bitcoin, that is just like gold, but virtual, in the way that bitcoin has a store of value that can be maintained over time. This is also reinforced by its trait of a “difficult” trading currency; this has to do with the limits of the blockchain operations and the ranging prices of transaction fees.
For now, he and the Commission are more focused on bitcoin future trading contracts, and he says that they are doing pretty well in that regard. In the end, he said that the weight of regulation virtual assets must fall over this or the next Congress. Giancarlo has seen a healthy number of congressmen that are willing to tackle the bitcoin subject viewing it with an open mind, and that he thinks that regulation should be sufficient to protect investors, but not as heavy to not hinder innovation in the sector.
The CFTC and the SEC have been on the eye of the regulating intent over cryptocurrencies this year, since the Initial Coin Offerings Craze that pushed these agencies to step into the market to protect investors from frauds and scams; however, they have faced it on a case by case basis, and focused on enforcing already existing laws.

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