A burst of the cryptocurrency bubble is not expected because the industry is too immature and the big money is not there while institutional investors remain on the sidelines due to regulatory uncertainty, ex-Commodity Futures Trading Commission chair and current developers of cryptocurrency, miners and stock market adviser Jim Newsome said today.
Newsome and former SEC commissioner Paul Atkins were scheduled to present a report today on best practices for cryptocurrency chip issuers and buyers at the Digital Chamber of Commerce’s annual meeting, but Newsome said the completion was postponed for two weeks because the project is more complex than initially anticipated.
Newsome said that the president of the Securities and Exchange Commission Jay Clayton probably takes a hard line on cryptocurrencies because he receives news from the White House and Treasury Department.
Newsome warned that there is global competition between regulators to monitor cryptocurrency and U. S. agencies must be careful that they do not lag behind the rest of the world in innovation.
The SEC is taking a tougher approach to investor protection for cryptocurrency products than the CFTC and is unlikely to approve a fund traded in Cryptocurrency Exchange Traded Fund (ETF) this year,”said Dave Gedeon, product research and development manager for NASDAQ Index Research and Product Development.
Congress will give financial regulators an additional authority to regulate cryptocurrency products ex CFTC Commissioner, now DTCC Global Policy Chief Mark Wetjen predicts.
DTCC processes trillions of dollars in securities transactions every day.
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