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CFTC Chairman: Two-Thirds of Fiat Currency Not Worth Paper They're Written In

As part of the speech of the CFTC chairman, Christopher Giancarlo described that “two thirds” of fiat currency are “not worth the polymer or the paper they printed on”. Personally, I think cryptocurrency is here to stay, I think there will be a future for them,” he said.
“There are 140 countries in the world, each of them has a currency, but probably two-thirds are not worth the paper they are written on and Bitcoin might solve some problems, whether is bitcoin or another cryptocurrency, we are still talking 10 years down the line”.
The Washington roundtable that happened brought lawmakers face to face a few with the biggest and well-known cryptocurrency figures.
Taking safeguard on consumers protection, Raul also noted that the regulatory institution and the securities exchange and exchange commission ( sec ) was focused on a fraud protection in cryptocurrency issues.
”On one hand, we have been strong and hard against fraud manipulation; on the other hand, we’re innovative and thoughtful when it comes to innovation , ” he continued .
Asked how he would explain to consumers that Bitcoin derivatives were legally able to trade while the SEC had consistently red-flagged exchange-traded funds (ETFs), Giancarlo reasoned that the remits both agencies work with were developed in the 1930s and were essentially ill-equipped to govern new phenomena.
“More broadly, the SEC… oversight is over capital formation markets with a big retail focus; CFTC focus is on risk transfer markets and we’ve always focused on derivatives and a lot of that is institutional trading,” he said”

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