A new prediction has been made public by the Ex-Chairman of Commodities Futures Trading Commission, Mr Jim Newsome that the asserted Crypto-bubble is not going to burst anytime soon.
He has reported a statement that the lack of a well-made structure is essential for the Industry as without it the big financial institutions are not willing to take part in Crypto market. Having transparency in regulations will allow them to be active in Crypto-participation and hence, it will burst the bubble.
The confusion whether Cryptocurrency is in a price bubble or not is the major concern of the common public. Newsome has recently been appointed as a central advisor on Cryptocurrency in US policy making. He has postponed the delivery of the report which he will frame with former chairman of Securities and Exchange Commission, Mr Paul Atkins.
The two chairman has now been vested with immense responsibility of deciding on Crypto regulations. They are meant to conduct a serious policy-framing which focuses on the progression of the Industry.
The two national agencies has the sole aim to regulate the digital assets successfully. The present frame of laws and regulations has enough room for the Cryptos to progress towards a well-founded sector. CFTC’s J. Christopher Giancarlo and the SEC’s Jay Clayton has decided not to impose firm and heavy rules. However, they still are resolved to keep the products and services under strict supervision so that they do not try to escape any existing laws.
This has resulted in a global acclaimation from the Crypto-enthusiasts for, what seems like Clayton’s previously-made policy. The G20 Summit will deliver further steps and introduce new frameworks that are to be taken for the Crypto family. Until then, the only hope that remains is to not be overthrown into a space that will deprive the Sector of growth.