The head of the FINTECH initiative of the Commission on trade commodity futures (CFTC) Daniel Gorfain (Daniel Gorfine) warned lawmakers of what he called “hasty regulatory statements”.
Comments Director LabCFTC made at the hearings in the Committee on agriculture of the U.S. Congress, which was called “Control over new assets in the digital age” and is dedicated to the cryptocurrency.
Gorfain noted that many things can be considered goods, but not all of them deserve the attention of U.S. regulators. According to him, only when the CFTC notes the increase in futures or swap transactions of products built on these goods, included direct oversight.
“We all have a common goal — to bring clarity and certainty to the market, but we also need to be sure that thoughtful in our approach and do not restrain or hinder the development of this innovation. Moreover, while some may seek the immediate establishment of clear boundaries, in fact, hasty regulatory statements, perhaps with the erroneous assessment, will have unintended consequences or catch an important caveat regarding the structure of new products or models,” said a CFTC official.
During the hearing, which lasted about two hours, Daniel Gorfain repeatedly returned to the importance of the lack of haste in the regulation of cryptocurrencies.
We will remind, earlier it was reported that the US Secret service (USSS) has appealed to Congress to take legislative action against cryptocurrency, providing increased privacy.