The US Commodities and Futures Trading Commission (CFTC) has surprisingly positive things to say about Bitcoin (BTC) and Ethereum (ETH) stating, “Bitcoin isn’t the tulip mania”.
The CFTC, which governs the regulation of cryptocurrency commodities markets and derivatives such as Bitcoin futures, has started driving to foster innovation in the Blockchain industry, instead of regulating it into oblivion, according to Michael Gill, Chief of Staff.
“The US financial markets are large, complex and successful because of innovation,” Gill stated in a speech he delivered at Paris Blockchain Week, alongside several other regulators.
As a result of this the introduction of Labs CFTC, a rare, government funded incubator that Gill has explained helps the agency “get to a comfort level with bitcoin” aims to “inform the Commission’s understanding of new technologies”. The Lab allows for developers, users and investors to interact with the regulator directly.
This has proven to be a major success and is helping to pave the way for the approval of bitcoin futures contracts on the Chicago Board Options Exchange and the Chicago Mercantile Exchange.
Gill believes that the progressions within the CFTC could help unblock Blockchain’s true potential worldwide, and will dramatically extend access to fundraising in communities which currently removes from the purview of central banks.
A focus is also being largely put onto ETH, with requests for information being made to better inform the Commissions understanding of the technology, mechanics and markets for virtual currencies.
Gill finished off his speech stating, “This wasn’t a tulip mania, and there is something beyond this”.