Ex CFTC Chairman Gary Gensler: ‘Crypto Market Needs Regulation To Grow’

The former chairman of the Commodity Futures Trading Commission (CFTC) is in the latest cryptocurrency news for its statement that the market is in a state where it needs to grow. As the ex CFTC chairman Gary Gensler said in a speech at the Business of Blockchain event at the Massachusetts, consumers must be protected.

He also argued that for the market to prosper and potentially grow, investors should know that they have both investor and consumer protection that is embodied in the law in case of market manipulation or losing of private keys among the other issues. The ex CFTC chairman Gary Gensler also stated “the Securities and Exchange Commission (SEC) and said that they are doing their work to:

“…Ensure that if there is an exchange-traded fund, that the markets themselves for those exchange-traded funds and the underlying bitcoin or ethereum it’s referencing is not really susceptible to manipulation.”

According to the former CFTC chair, it is important to make sure that the markets are appropriately overseen and sufficiently mature and that there is limited or small chance of manipulation, as the coming altcoin news show.

The ex CFTC chairman Gary Gensler also delivered the arguments in favor of extending the national level regulation over a broader spectrum of crypto trading, money laundering prevention and coordination as well as addressing the current regulatory and enforcement discrepancies across different states. This was fresh news months ago – at the MIT Bitcoin Expo 2019 in March – shared by many best cryptocurrency news sites.

The same conference had the SEC Commissioner Hester M. Peirce and his apparent statement in which he advocated for a lighter regulatory touch whenever possible – all while affirming that the security offerings must comply with the SEC registration requirements.

The ex CFTC chairman Gary Gensler was not the only one delivering regulation-related speeches recently. The current CFTC chairman Christopher Giancarlo was quoted a while ago, saying that the agency is expecting more applications to open clearinghouses which is driven by the increased interest in cryptocurrencies – especially Bitcoin (BTC).