Recent remarks from CFTC Commissioner, Rostin Behnam, reveal that US regulators are realizing that Bitcoin and cryptocurrencies are here to stay because they’ll “become a part of the economic practices of any country, anywhere.”
‘We Are Witnessing a Technological Revolution’
The CFTC Commissioner gave the remarkable speech on June 4th in New York City at the BFI Summit event titled “Fostering Open, Transparent, Competitive, And Financially Sound Markets.”
Behnam outlined the agency’s stance on the burgeoning Bitcoin and cryptocurrency space, admitting that regulators around the globe are scratching their heads when it comes to how to stop fraud and manipulation that is not uncommon in this nascent industry.
“The debate on virtual assets is just beginning,” he notes. “None of us know where it will end. But it has forced us to rethink. We have learned that virtual assets respect no borders. Regulation is often behind the curve, unable to keep up with daily developments.”
Considering the apolitical, borderless and decentralized properties of cryptocurrencies like Bitcoin, the commissioner admitted that the cat is out of the bag and the technology is here to …
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