Members of the US political party, known for their broad opposition to the regulation of the Crypto-currency, believe that the market needs closer monitoring. This was stated by the Commissar of the Commodity Futures Trading Commission (CFTC) Bart Chilton.
During his time in the CFTC, Chilton was known for his aggressive stance against fraud and was one of the first to openly talk about the potential need for regulation of Bitcoin. Indeed, back in 2013, he began to consider the need for state supervision of crypto-currencies.
While regulatory recommendations, as a rule, cause a negative reaction among users, the status of technology as a commodity helped lay the foundation for regulated Bitcoin futures.
And now, Chilton, a democrat, is watching the Republican Party express its views on crypto-regulation.
For example, just a few months after former US Rep. Ron Paul told state regulators to "stay away" from crypto-currency, other Republicans, including South Dakota senator Mike Rounds, began to publicly support the benefits of regulation in this area.
Как previously reported, US intelligence agencies also showed interest in regulating crypto-currencies.
Bart Chilton: crypto-currency and politics in the US
In a detailed interview, Chilton discussed how the value of Bitcoin and the crypto-currency markets as a whole influences this ideological shift.
"The importance of digital currencies is getting so large that it can affect the largest financial institutions", Said Chilton.
"Perhaps this is stupid, but it starts to make people say:" This can have a greater impact on investors. "
"I think that when Bitcoin reached 20 000 dollars, and when it went up, people started to say:" Something is happening here, and we need to pay attention. "
As insanity led to an increase in the market value of Bitcoin above 300 billion dollars, Chilton said that politicians first began to think about the economy if the price never fell.
And he describes how elected officials began to communicate with experts to learn about Bitcoin and the vast space of crypto currency. And the culmination of this whole process was the first hearing in the Senate on crypto-currencies in February.
In any case, Chilton argues that no matter what the situation on the market, there are certain rules for startups in the world of crypto currency. The main one is doing everything possible to comply with any rules that are applied by regulators to their businesses.
Author: Olga Novikova, Analyst Freedman Club Crypto News
Image from Fotolia
Source: Read Full Article
bitcoin explained – bitcoin: how cryptocurrencies work
Bitcoin over Gold, London Investment Manager Reveals BTC Exposure
Goldman Sachs CFO Martin Chavez: Reports of Backpedalling on Crypto Trading Desk “Fake News” | BTCMANAGER
Elrond Announces Wallet and Global Payments App Launch on 31st January 2021
Ripple (XRP) Price Prediction and Analysis in July 2020