CFTC Chairman: Cryptocurrency is an Absolutely Unique Commodity

December 14, 2017

 CFTC Chairman: Cryptocurrency is an Absolutely Unique Commodity

In his recent statement Head of the Commodity Futures Trading Commission of the United States (CFTC) Chris Giancarlo once again warned investors about the risks of investing their own funds in ICOs and cryptocurrencies.

Earlier a similar appeal was made by Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton.

Giancarlo supported his colleague's position. Among other things, he noted:

"I have always believed that cryptocurrencies are a completely unique commodity, unlike anything else that the Commission faced before. Therefore, I'm not far from being surprised that they make the SEC face so many challenges. "

Head of CFTC added that the commissions constantly interact while discussing the topics related to ICOs and cryptocurrencies. Also, he noted that his department was unable to effectively regulate cryptocurrencies due to "lack of control over their emerging market."

One should recall that CFTC's approval to the release of Bitcoin futures by the world's largest stock exchanges CBOE and CME, caused doubts on the part of the USA's Futures Trading Association (FIA). Shortly after the Commission's decision, the Association's CEO, Walt Lukken, wrote an open letter to Giancarlo, in which he pointed to the "insufficient research of the introduced asset."

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