The former head of the CFTC said bitcoin futures were safe and could be used to stabilize cryptocurrencies

nStampede comment: On the Chicago Board of Options (CBOE) global market will launch bitcoin futures this Sunday, while the other world’s largest futures exchange CME (CME) plans to launch next bitcoin futures products, while bit The skyrocketing currency prices, surging to more than $ 19,000 for the first time on Thursday, raised fears of the unregulated cryptocurrency. However, Bart Chilton, former head of the Commodity Futures Trading Commission, said in a CNBC interview on Thursday that Bitcoin futures are safe and can actually help stabilize the prices of cryptocurrencies.n
nTranslation: Clovern
Concerns over the cryptocurrency, which is not regulated, are also on the rise as both exchanges prepare to start trading bitcoin futures this Sunday.n
However, Bart Chilton, former head of the market regulator, told CNBC in a Thursday interview that he believes Bitcoin transactions are safe and can actually help stabilize cryptocurrencies.n
The Chicago Board Options Exchange (CBOE) global market will launch bitcoin futures this Sunday, while CME, the world’s largest futures exchange, plans to launch bitcoin futures products next week. Both exchanges are managed by Chilton’s Commodity Futures Trading Commission.n
In an interview with CNBC’s “Power Lunch” program, Chilton said: “They know what they are doing in these markets, and CME has the most liquid and traded futures contracts in the world.”n
He added:n
n”The sooner we get transparency and the sooner we know who the market participants are – the institutional investor or the individual investor – then the underlying asset (bitcoin) in the market will be better than what we now see More stable. “n
nBitcoin has been soaring in the past couple of days, surging to more than $ 19,000 for the first time on Thursday, before falling sharply again. At 13:13 a.m. EDT, the Bitcoin transaction on the Coinbase Exchange reached 15,981.14 U.S. dollars.n
This volatility has raised concerns about cryptocurrencies and bitcoin futures.n
The Futures Industry Association, a global organization of 64 liquidation member agencies, wrote to the CFTC on Wednesday about its concern about the volatility and the risk that liquidation companies must take in default.n
Chilton said that both CME and CBOE understand what the risks are, and they are very good at setting the margin, and will continue to adjust the margin with the unstable events.n
The CFTC has said government regulation aims to maintain the integrity of the contract.n
Andrew Busch, chief market intelligence officer at the CFTC, told CNBC: “The exchange is studying potential cash contracts to make sure they are not manipulated, and our role as a derivatives regulator is to ensure that the futures contracts are not manipulated and we do.”n
For a long time, Chilton has always supported the regulation of such a digital currency without centralization. Transactions in this digital currency are recorded in anonymous public logs called blockchain.n
He said:n
n”Regulation does not have to be highly publicized, which hinders innovation, and I support digital currency, but there is a real need for consumer protection.”n
nWell-known commentators, such as JPMorgan Chase chief executive Jamie Dimon, have called bitcoin a “fraud.”n

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