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CFTC Chair gets appraisal from crypto fans

08 February 2018 21:00, UTC

In addition to our previous report on the theme of public Senate hearings dedicated to the issue of cryptocurrencies which, as it turns out, helped the whole market to reclaim some recently lost positions, it is noteworthy to describe what happened to the head of the United States Commodity Futures and Trading Commission afterwards.

Mr. Chris Giancarlo has some knowledge of the sphere. As one of his colleagues, Andrew Bush, once noted, their governmental body had to review the market before allowing Bitcoin futures on the Chicago Board Options Exchange. This is why he told the Senate that he thinks that Bitcoin is backed by the efforts of miners and by the electricity they use. This is very likely a correct theory, although one cannot deny that the price of Bitcoin has been manipulated in the past.

As it turns out, the whole speech made the enthusiastic cryptocurrency community to react almost just as loud and clear as the South Korean cryptocurrency fans reacted to the Justice Minister’s words on possible ban of exchange trading of digital coins. Only this time the reaction was positive, which made the CFTC head to thank everybody for support on his Twitter. He also left an advice to do the research before investing in an asset, always be careful and moderate:

It is also worth mentioning that J. Christopher Giancarlo was nominated by President Trump who sometimes get criticized for his decisions concerning the human resources policy.