US Official: Only Regulation Will Solve The Bitcoin Ripple
US Trade Commission Chairman Bart Chilton: Regulation Solves Bitcoin Ripple
In the past weeks, Bitcoin broke the all-time record and reached $5000 levels, before long $3000 has dropped to around $3,000 and the price is hovering around $3600 these days.
This extreme price fluctuation has strengthened the views of some circles that a financial regulation for Bitcoin is needed.. According to an article published in CNBC, the former head of the US trade commission Bart Chilton thinks so too.
The Commodity Futures Trading Commission (which is responsible for overseeing the futures markets in the USA) Chilton, the former head of the CFTC, considers the fact that Bitcoin is not yet regulated a ‘big blind spot’ and says the Chinese government’s decision to ban Bitcoin exchanges should signal investors and developers to support regulation strong>.
He says that Bitcoin needs a vision that will move it away from its anti-regulatory focus to a more regulated environment, to achieve stability, and adds:
Rather than just waiting for their units to do something that will hinder them, they (the Bitcoin community) should put in place appropriate regulatory controls and promote the development of these innovative financial technologies.”
The danger of tight control
Chilton’s point of view runs counter to the founding philosophy of bitcoin and other digital currencies. -at least in part-.
Wikileaks founder Julian Assange‘s recent comments on administrative power and the dangers of regulation on the other hand, offers a more traditional perspective on Bitcoin.
Why all freedom loving people and states need Bitcoin part 29192: https://t.co/6mivKUh3wZ
— Julian Assange 🔹 (@JulianAssange) September 15, 2017
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