CFTC: Crypto Industry Needs Self-Regulation
March 9, 2018
Brian Quintenz, a member to the U.S. Commodity Futures Trading Commission (CFTC), voiced his view during his speech at D.C. Blockchain Summit in Washington that cryptocurrency industry needs self-regulated organizations.
“I believe that a private cryptocurrency oversight body could bridge the gap between the status quo and future government regulatory action”, Quintenz said.
The commissioner has claimed, establishing self-regulated organization may produce an impact over cryptocurrency market at both local and global levels.
He also pointed out, today there is a legal uncertainty about some tokens as American financial watchdogs take different approaches to the same assets.
Quintenz has claimed, bitcoin for him is an asset rather than security, and added that crypto market is a vast range of innovational products so they cannot be treated in a way that all assets are equal.
“Some are very simple, some are very complex, some have utility function, some have security-like features, some have payments associated with them or returns or ownership, or I'm sure some could have voting rights. You get into a very murky landscape very quickly as you go through the diversity of the landscape here”.
The commissioner noted, direct participation of CFTC in establishing self-regulated cryptocurrency organizations is unlikely yet the Commission is ready to provide recommendations on cyber security issues for exchanges and clearing houses.
“We can tell them about what we've already done and help them navigate the decisions we've already made to help inform any new concepts that could better apply to the space so they don't have to recreate the wheel”.
Remember, the CFTC head Christopher Giancarlo called cryptocurrencies a unique product, while early March all the Commision’s employees were permitted trading them.