The chairman of the U.S. Commodity Futures Trading Commission (CFTC) has explained why bitcoin futures have been approved in the U.S. but bitcoin ETFs have not. He also shared his thoughts on the future of cryptocurrencies and how they can potentially solve currency-related problems in as much as two-thirds of the world’s countries.
He elaborated:
"More broadly, the SEC, their oversight is over capital formation markets with a big retail focus. Ours, at the CFTC, our focus is on risk transfer markets and we are always focused on derivatives and a lot of that is institutional trading. So we are focused on institutional investments, they are focused on retail."
Noting that his agency is balancing between regulation and innovations, the chairman claimed:
"It’s the United States that’s gone forward with the very first bitcoin derivatives, with bitcoin futures trading on the CME and also bitcoin options and bitcoin clearing – we are ahead of the world in that. There is no question that the United States is leading in a number of areas."
CFTC Chair Believes Crypto Is Here to Stay
In response to a question about where he sees the future of cryptocurrencies two years from now, the chairman replied:
"I personally think that cryptocurrencies are here to stay."
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