Regulatory Series on Cryptocurrencies: Crypto Dad lauds CFTC’s new chairman

Bitcoin aspirants seem little contemplative and sad to know that the pro-crypto visionary at CFTC (Commodity Futures Trading Commission) chairman Christopher Giancarlo is stepping down and paving a way for a new person on July 15th.

The U.S. Senate confirmed about Giancarlo’s successor, Heath Tarbert, by a vote of 84 to 9.

Giancarlo was popularly called by the nickname as “Crypto Dad” as he was having constructive rhetoric on bitcoin. Giancarlo expressed his “passionate greeting” to Tarbert, whom he called “highly qualified.”

Although Tarbert’s stance on cryptocurrencies is still uncertain, Giancarlo thinks Tarbert would extend his vision of assistance to the CFTC transition into “a 21stcentury regulator for today’s digital-asset class.”

On June 5th, CFTC Chairman J. Christopher Giancarlo issued the following statement on the U.S. Senate’s confirmation of Heath Tarbert to become Chairman of the CFTC: 

“I would like to extend enthusiastic congratulations to Dr. Heath Tarbert on the Senate passage of his nomination to be the next Chairman of the Commodity Futures Trading Commission. He is highly qualified to lead the agency.

During my time of service, it has been a priority to transform the CFTC into a 21stCentury regulator for today’s digital markets.  With Dr. Tarbert’s confirmation, I know the agency is in safe hands to continue this transition”.

Ever since the idea of crypto-derivatives has been the center of attraction from the recent past, Cryptocurrency derivatives, including cryptocurrency futures, CFDs, and options have been under the meticulous scanner of the renowned global regulators, such as US SEC, CFTC and UK’s Financial Conduct Authority (FCA). 

Because crucial decision from CFTC and SEC that can have a considerable impact on the entire industry, the decisions like the launch of ICE’s Bakkt (physically settled-BTC futures) and Bitcoin ETFs now await the CFTC’s and SEC’s green signal respectively.

The ICE’s Bakkt is said to be in the advanced discussions with the US CFTC regarding the launch of physically settled Bitcoin futures. Let’s see how does it go after the revival of top-notch hiring at CFTC and only time should answer the prospects of the industry.

Currency Strength Index: FxWirePro's hourly BTC is flashing at -43 (bearish), hourly USD spot index was at -28 (mildly bearish) while articulating at (05:20 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex