CFTC Urges Institutional Savers To Assist Crypto To Grow
Of late, there is flooding of institutional savers to the digital money markets. Christopher Giancarlo revealed this information recently.
This might bring new ideas that will help the market to grow. The controller discussed about the future of cryptocurrencies. Moreover, it also considered how it can observe it with fox business. This is because of the increasing demand by corporate investors to save in this sector. Giancarlo expects the market to expand as more companies join the industry.
Changes Needed To Streamline Cryptocurrency Business
The expert further explained that a lot of changes may be needed to streamline the digital money business. One of these measures is to increase transparency and eliminate conflict of interest. Furthermore, systems must be protected from individuals with malicious intentions like hackers. The market may take long to mature as more institutional savers invest in this business.
Giancarlo also disclosed his agency’s desire to monitor the digital money markets. The first way is by enforcing the law. Fraudsters and scammers may be prosecuted for their actions in federal courts. This step may discourage individuals from engaging in digital fraud because of the fear of being arraigned in court. The enforcement will also guarantee investor’s safety while executing cryptocurrency transactions.
The federal court ruled that the market regulator can take legal action against people or corporations which use cryptocurrencies to commit fraud. The judge also obligated CFTC to take legal action against My Big Coin.Previously, another judge had ruled in favor of CFTC in another case. CFTC had filed a case against CabbageTech and blamed the corporation for giving stockholders a wrong investment advice.
Need For Invention In The Digital Transactions.
Giancarlo suggested that there was a need for more invention in the cryptocurrency business in America. The step might help to deal with new challenges facing the industry.
The regulator witnessed the emergence of two bitcoin features. It led to the sapping of bitcoin bubble that commenced towards December 2017. However, the cryptocurrency is gradually gaining stability contrary to the situation that was witnessed last year.
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Apart from prosecuting the fraudsters, the regulator should hire experts to manage information systems. The professionals can come up with new techniques of dealing with online fraud. Such a step will increase investors’ confidence. Currently, most potential stockholders are reluctant to devote their resources in this market. It is because of the fear of losing their investments to hackers.