During Yahoo Finance’s cryptocurrency event in New York, a recurring theme was of the regulation of cryptocurrencies. They were discussing the outcome of Tuesday’s hearing of the U.S. Senate Banking Committee.
There needs to be regulation to avoid shady transactions and control illegalities. The Commodity Futures Trading Commission (CFTC), argued that it is time that cryptocurrencies should try self-regulation. The chairmen of the U.S. Securities and Exchange Commission (SEC) and CFTC agree that there has to be an open positive discussion towards crypto.
Crypto is experiencing a backdrop in the economy. During Tuesday’s hearing, the Senate was speculating about what might happen to the economy.
During the Yahoo event, Brian Quintenz who is a member of the CFTC stated that “…you didn’t hear either chairman say ‘no, absolutely not, this is not safe, we must stop this at all costs”. Jurisdiction gap identified and passed by the SEC and CFTC take a long time to be implemented. Thus, the commissioner called upon the industry to consider regulating itself.
Furthermore, Adam White, general manager of the Coinbase-operated digital exchange GDAX argued that his company will welcome the government’s oversight through regulations. Coinbase excepts regulations passed through the senate and comply with them. Mr. White stated that (at Coinbase) “We recognise that regulations are a complementary part of the financial system in many ways”.
A common point that kept recurring during this event was that cryptocurrencies are there to stay. They want to be part of an open discussion about regulation from the federal government in the U.S.
The CEO of Ripple, Brad Garlinghouse argued that his company is open to have regulations. The US dollar is not going to be replaced anytime soon. “The revolution’s going to happen inside the system.”
BitPesa CEO Elizabeth Rossiello stated that “In an ideal world, we wouldn’t have regulation.” However, for a cryptocurrency business to be credible, it has to comply with government rules and regulations.
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