The regulation of the cryptocurrency market, or lack thereof, is not a new issue to be discussed in the United States. The need for better and clear regulations has been mentioned again and again by notable influential people not only in the crypto space, but also in the regulatory space.
One of those people is Patrick McHenry, a congressman from the United States who proposed HR 4767, the Financial Services Innovation Act, to promote innovation in the financial space. The congressman had declared:
“We need to have smarter regulations so that you can have money for these innovations to take place. We need some certainty from the CFTC and the SEC, as well as from the Treasury and the IRS. "
While the market has continued to attract the attention of several notable people, including U.S. 2020 presidential candidate Andrew Yang, the issue of its regulations was recently discussed by Heath Tarbert, president of the Commodity Futures Trading Commission of States. United, in an interview with Cheddar.
When asked why regulations in the encryption market were a priority for the CFTC, given that they were included in his recent political agenda, Tarbert said the CFTC is "really creating a market for digital assets." He added that the Commission is allowing people to trust the "futures market" that has existed for more than a century when they consider buying Bitcoin or Ethereum. Tarbert said:
“By allowing them to enter the world of CFTC, we are allowing the futures market to develop based on these products and that way, when people are interested in buying a particular digital asset of the two, Bitcoin or Ether, they can trust in the futures market «
The president also stated that the futures market helps in the discovery of prices, coverage and risk management, and added that, in his opinion, "it helps legitimize" and "add liquidity to these markets."
"And so, in many ways, it is helping to legitimize, in my opinion, and add liquidity to these markets."
Subsequently, Tarbert was asked if this year he would see other cryptocurrencies that fall under his jurisdiction, along with Bitcoin and Ether. To this, the Commissioner stated that this scenario is still unclear since the Commission shares its jurisdiction with the Securities and Exchange Commission (SEC).
"Therefore, we have been working closely with the SEC for the past year or so to really think about what falls under what picture because, I think, if I hear anything from market participants, it is that" we really need clarity. " Without clarity, it is really difficult to determine how they will be regulated and how to negotiate them. «