FxWirePro: US SEC and CFTC see eye to eye on regulatory framework of cryptocurrency and ICO space

The U.S. SEC has always kept an eagle eye on the crypto regulation, while the CFTC has taken no diverse step, while having embraced the market even while fighting to fend off fraud. 

Both the regulatory bodies have continued with an intention of stringent regulatory framework on crypto-space. Best instance is that the US SEC and the Commodity Futures Trading Commission (CFTC) sued against 1pool Ltd. a/k/a 1Broker.com and its CEO, Patrick Brunner. The allegations include money laundering, wire fraud, and operating an unregistered securities exchange. 

Chris Giancarlo, Chief of the U.S. Commodity Futures Trading Commission (CFTC), shed some light with CNBC, where his convictions that cryptocurrencies aren’t going anywhere.

Hence, so far, the CFTC has been moving in tandem with the U.S. Securities and Exchange Commission approach, under whose purview ICO security tokens are placed, has yet to demonstrate. Meanwhile, bitcoin and ETH as commodities are under the oversight of the CFTC.

When the CFTC allowed the derivatives mechanism of bitcoin futures contracts for the U.S. CBOE and CME exchanges about a year ago, a process it was deeply engaged with for months.  Chairman Giancarlo affirms that the agency is devoted to engrave out deceptive actions, which would assist to establish a secured atmosphere in which consumers could invest.

Meanwhile, Giancarlo defended the U.S. scorecard for blockchain innovation, most remarkably by building a model for bitcoin derivatives comprised of “bitcoin futures trading on the CME and also bitcoin options and bitcoin clearing,” he said, adding: “We’re leading the world in that.”

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -130 levels (which is bearish), while USD is flashing at 33 (mildly bullish), while articulating at (12:01 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex