The CFTC Chairman is “Impressed by Ethereum”
Heath Tarbert, the Chairman of the US Commodity Futures Trading Commission (CFTC), is impressed by the pioneer smart contracting platform, Ethereum. Talking on the breadth of Ethereum and rising decentralized applications including DeFi including the legality of its governance tokens, Heath ended with a conclusion that he wants the US to be a leader in the digital asset space.
Cryptocurrency as an emerging but disruptive finance sub-sector needs the regulators’ support for its applications to flourish. The US CFTC and the SEC play a critical role in ensuring that this happens. The support from Heath goes to show how the regulator has been keeping up with tabs, closely monitoring how startups are building new and exciting products while issuing tokens, especially in DeFi. In his view, DeFi is revolutionary and could “lead to massive disintermediation of the financial system and the traditional players.”
Impact on the ETH Price:
Bullish. Already, the ETH and BTC are cryptocurrencies endorsed judging by comments from executives of the US leading regulators. Its decentralization sets it apart from competitors. Public comments from the chair of the CFTC indicate how the regulator thinks of the blockchain, emboldening project creators who are considering to adopt blockchain.
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