The Chairman of the Commission on urgent exchange trade of the USA (CFTC) and Christopher Giancarlo called a positive factor to the price decline of bitcoin historical heights in December 2017 and involves, it will help the cryptocurrency continue its development. This opinion he expressed in his speech at the annual blockchain summit this week.
“I am ready to argue that reducing the price [of bitcoin] put an end to speculative bubble and may allow this asset class to survive the quieter times and to continue its development from the point of view of technology and a broader adoption”, said Giancarlo.
One of the factors that helped to reduce the price, he sees bitcoin futures, which are already available on the exchanges, CBOE and CME, and considers justified the decision to approve their launch.
“The decision to launch bitcoin futures on conditions for self-certification exchanges CBOE and CME are sometimes called doubtful. However, futures have become the first generally available tool for speculation against the price of the asset”, — he added.
Note that some time ago he said that cryptocurrencies will remain in the future, but questioned their ability to compete with traditional Vietnam currencies.
In February, the CFTC announced that it will pay special attention to the monitoring of the cryptocurrency market. This is stated in the official press release of the Ministry. This task is entrusted to the division for the supervision of the market, supervising compliance of the regulated futures markets to the requirements of the CFTC and the Law on commodity exchanges.