Surging torrent of virtual currencies spurs Chairman Giancarlo to call for expanded CFTC oversight

By Brad Rosen, J.D.In remarks before an elite group of derivatives and futures lawyers in Naples, Florida, CFTC Chairman J. Christopher Giancarlo again advocated for rigorous, but common sense, oversight of the ever-expanding cryptocurrency markets and their related derivative offshoots. Notably, Giancarlo called for the potential enactment of formalized rules and heightened review requirements in connection with exchanges self-certifying new cryptocurrency-related futures contracts in a speech before the ABA Derivatives and Futures Section conference. In calling for expanding the scope of CFTC oversight, Giancarlo noted that in the waning months of 2017, virtual currencies, especially Bitcoin, took the world by storm. Bitcoin itself increased in value over 13-fold in 2017, prompting Giancarlo to observe, “In recent years, a number of these technologies have turned from several tributaries into one river, which recently became a surging torrent, a gulf stream.”…

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