CFTC Chair: "Explosion of interest" in crypto may spawn new clearinghouses

posted 6 months ago
Chairman Giancarlo of the US CFTC (Commodity Futures Trading Commission) testified before a US House Committee and said that blockchain and cryptocurrencies are 2 aspects of “rapidly changing markets and technological developments” and that the CFTC’s objective is “to determine the value of technological innovations” citing “crypto-asset-based futures products.”

His main point was that the number of clearinghouses, financial institutions that facilitate transactions between 2 parties which act as intermediaries to ensure trust on all ends, will grow, Giancarlo said – especially with the introduction of crypto futures. He went on to say “The Commission anticipates new applications for clearinghouse registration resulting from the explosion of interest in cryptocurrencies; an area in which protection of the cryptocurrencies will be one of the highest risks.”
Tags: bitcoin, blockchain, news