GET READY BITCOIN & CRYPTOCURRENCY HODLERS… | CFTC Chairman on Bitcoin, Chainlink, ETH, & MORE!
481GET READY BITCOIN & CRYPTOCURRENCY HODLERS… | CFTC Chairman on Bitcoin, Chainlink, ETH, & MORE!
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Welcome to our GET READY BITCOIN & CRYPTOCURRENCY HODLERS Video!
Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that CFTC-led regulation could have significant benefits for the crypto industry, including a potential boost to the price of bitcoin.
“Growth might occur if we have a well-regulated space,” Behnam told attendees during a fireside chat at NYU School of Law. “Bitcoin might double in price if there’s a CFTC-regulated market.”
Behnam has consistently argued for the need to provide market participants with regulatory clarity – something that many in the crypto industry have argued is lacking. For years, the CFTC and the U.S. Securities and Exchange Commission (SEC) have squabbled over the role of top regulator for the crypto industry, both reluctant to issue much in the way of formal guidance for crypto companies, choosing instead to set regulatory precedent through enforcement actions.
A clear regulatory framework, Behnam argued, could pave the way for institutional investors to enter the market.
“These incumbent institutions in the crypto space see a massive opportunity for institutional inflows that will only occur if there’s a regulatory structure around these markets,” Behnam said.
“Non-bank [crypto] institutions thrive on regulation, they thrive on regulatory certainty, they thrive on a level playing field,” Behnam added. “And they may say otherwise, they might bicker about the type of regulation – but what they love most is regulation because they are the smartest, the fastest and the most well-resourced. With those attributes, they can beat everyone else in the market.”
How does cryptocurrency work?
Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders.
Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
If you own cryptocurrency, you don’t own anything tangible. What you own is a key that allows you to move a record or a unit of measure from one person to another without a trusted third party.
Although Bitcoin has been around since 2009, cryptocurrencies and applications of blockchain technology are still emerging in financial terms, and more uses are expected in the future. Transactions including bonds, stocks, and other financial assets could eventually be traded using the technology.
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The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
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⏰ TimeStamps ⏰
0:00 NEWS Introduction
0:24 NEWS Summary
11:15 NEWS Outro