In a recent interview with CNBC, Chris Giancarlo, the Chief of the United States Commodity Futures Trading Commission [CFTC] gave his views on Bitcoin [BTC], the future of cryptocurrencies and the impact of the pot stocks such as Tilray.
The main qualms addressed by the CFTC Chair revolved around the regulations steps taken by various government bodies in terms of reining in the use and effects of digital assets. Giancarlo stated that the CFTC was very focused on fraudulent activities and financial manipulation. He even quoted the ‘victory’ won by the CFTC when the United States District Court for the District of Massachusetts ruled that cryptocurrencies fall within the definition of a “commodity” under the Commodity Exchange Act.
The discussion also touched upon how the overseas market was gaining on the United States with some sectors even surpassing the US in terms of mass cryptocurrency adoption. Giancarlo stated that the United States was a leading contender in the digital assets industry and that the implementation of the Bitcoin futures has created a profound impact in terms of market disruption. He also added that the key point was to take a thoughtful and intelligent approach to create cryptocurrency guidelines.
The Chair also elucidated on the differences between the CFTC and the Securities and Exchange Commission [SEC], a blurry area according to several enthusiasts and holders. Giancarlo said that the CFTC deals with cryptocurrency futures with a focus on the retail sector. According to him, the CFTC deals with risk transfer while the SEC does not. The SEC mainly deals with the institutional sector and creates regulations for securities and not futures.
Chris Giancarlo further stated that in the future, probably 10 years down the line, cryptocurrency may enter the realm of mass adoption. He said:
“Cryptocurrency is here to stay, there is no question about that. They certainly have a future which is evident with the falling currencies of several countries. They may not challenge the dollar but their use cases will definitely help a lot of flailing economies.”
To a question about the protection of ‘mom and pop’ shops, the CFTC official stated that the body has a two-handed approach in dealing with issues: strong and hard or an innovative and thoughtful approach. He even stated that the in the near future, marijuana stocks could be a legal product which comes under the ambit of the CFTC. This discussion was in reference to the strong bullish hold of marijuana stocks like Tilray.
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HitBTC responds to allegations of insolvency, refutes claims made by Redditors
HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.
To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.
Referring to the BitcoinExchangeGuide article, HitBTC responded:
“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”
Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.
@ProofofResearch replied to HitBTC’s blog:
“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”
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