Cryptocurrencies Should Try Self-Regulation

Cryptocurrencies Should Try Self-Regulation

A common thread in the conversations Wednesday at Yahoo Finance’s cryptocurrency event in New York was the Regulators are here to stay.

 

If it’s good or bad remains a matter of opinion. According to Coindesk, even for those wary of government oversight, it’s perhaps a less unpleasant thought in light of the previous day’s hearing before the U.S. Senate Banking Committee, where the chairmen of the SEC and the CFTC expressed a generally open attitude toward crypto.

Brian Quintenz, a member of the Commodity Futures Trading Commission, pointed out that the Tuesday hearing was free of the scaremongering pronunciations that some in the ecosystem perhaps expected.

 “One of the other takeaways from yesterday was you didn’t hear either chairman say ‘no, absolutely not, this is not safe, we must stop this at all costs.’ No one said that,” Quintenz said at the Yahoo event during an onstage interview with CoinDesk managing editor Marc Hochstein.

Noting that any congressional action to fill in jurisdictional gaps identified by the SEC and CFTC will likely take a long time, the commissioner called on the industry to consider forming a self-regulatory organization.

Successful examples of this model include the Financial Regulatory Industry Authority and the National Futures Association, he said. Such an organization would provide necessary oversight of the spot market and exchanges “between now and however long Congress chooses to act,” he said.

Quintenz went on to add:

“We don’t want to be saying no to innovators, or to advancing technology.”

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