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Crypto market overview: Former CFTC chair Gary Gensler says “do not regulate blockchain technology”

  • Blockchain has a potential to become a catalyst for change in the global financial sector.
  • “I am agreeing to not regulate the blockchain technology,” Gary Gensler on Bloomberg.

The former Commodity Futures Trading Commission chair, Gary Gensler while speaking to Bloomberg on Monday, October 15, 2018 said that digital assets need more regulations than those formulated for oil.

Gensler said that blockchain has a potential to become a catalyst for change in the global financial sector. Gary said that the ability of blockchain to transfer data across a computer network. He reckoned that if cryptocurrency is to be adopted massively, it will need regulations. These regulations must protect the customer especially on the exchanges like Coinbase.

While responding to a question of whether to regulate both blockchain technology and cryptocurrency, Gary said:

“We should be technology neutral to promote innovation. But still in being technology neutral, I am agreeing to not regulate the blockchain technology but just ensure that its application like cryptocurrency investors should be protected.” He continued by saying “We make sure there is not fraud and manipulation.”

 

 

 

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