The former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Jim Newsome, recently mentioned that the so-called cryptocurrency bubble is not going to burst.
Newsome explained that he is maintaining this stance because the cryptocurrency market has not grown to the extent where it could be defined as having reached its full potential with actual, big capital. He mentioned that this is because there is a regulatory uncertainty that is associated with the cryptocurrency market, which keeps industrial investors away from it.
Currently working as an adviser in the cryptocurrency sector, Newsome was quick to mention a curious observation about the current Chairman of the U.S. Securities and Exchange Commission (SEC), Jay Clayton, stating that Clayton could be taking a harder stance against cryptocurrencies due to being directed by the White House and the U.S. Department of Treasury.
He also stated that the pressure from these institutions could be arising from the need to keep up with the rest of the world in terms of cryptocurrency regulations, since the U.S. would not want to be left behind when other countries are taking defined stances against cryptocurrencies.
Newsome had been speaking at the Chamber of Digital Commerce’s conference, where other former heads of several institutions also shared their thoughts on various financial sectors.