The Commodity Futures Trading Commission (CFTC) has been very progressive about cryptocurrencies for quite some time. The United States government body believes that the growth of crypto-assets is a positive development that should be encouraged. Instead, regulation in the US is very counterproductive. A former CFTC executive thinks Europe can even outperform the US in regulation.
The Digital Asset Compliance and Market Integrity Summit (DACOM) was held in New York. Former CFTC head Chris Giancarlo also spoke here. He is also called “crypto dad” because of his progressive regulation. He has even written a book about it with the ironic title ‘CryptoDad’.
During the event, he stated that Europe’s crypto legislation far exceeds that of the United States. Earlier this month, the European Union officially approved the MiCA (Markets in Crypto Assets) Bill. The proposed regulations should cover the whole of the European Union, although there is still a sleeve that can be adjusted and there is still room for interpretation.
“I am concerned about the speed of the progress of MiCA legislation,” Giancarlo explained.
He essentially thinks that it is so well done that the approach would practically be exported to the United States. CFTC colleague and current commissioner Caroline Pham emphasizes that it is very difficult to reverse regulation once the regulation is in place and once money flows into the market based on this.
CFTC wants to overtake crypto
According to Giancarlo, the US parliament must maintain its momentum.
“We need to get our own policies in place, and it needs to be clear that for activity [in the market] in the United States, there are American laws, and not European laws. Pham stressed that the U.S. should be “rule makers,” rather than ” rule takers.”
The CFTC is one of the few U.S. government bodies that exudes a progressive stance toward crypto. Rostin Behnam, the current head of the organization, recently stated that crypto will soon be in everyone’s portfolio.
There is a kind of rivalry between the CFTC and other regulators, and in particular the Securities and Exchange Commission (SEC). Both are fighting for a share of the crypto market, with both having their own reasons. The SEC has since scraped back, proposing to maintain a single rulebook for crypto regulation.