Comment Text:
As a proud millennial voter I was very pleased with research conducted and stance taken by Chairman Giancarlo before the hearing today, 2/6/18 regarding Crypocurrency regulation. It was refreshing to see emerging technologies with such widespread potential being considered and thoroughly researched by the CFTC.
This quote struck myself and many others, “We owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.”
I was also very fond of the Chairman’s remarks on the role a distributed ledger could have played in the 2008 financial crisis. DLT could provide transparency and security that regulators and the public would benefit from—with the possibility of limiting such a catastrophic event in the future through transparency provided by blockchain or DLT.
This is the type of mindset that I and many others in the 'millennial' category appreciate immensely from our Government representatives in this uncertain age. People like Giancarlo, who are open to challenges to established systems, will be the legislators that will pave the way for the future.
I look forward to future sentiments and regulations that arise in this space. While the idea and philosophy behind Cryptocurrency and decentralized ledgers may allude to zero regulations; it is clear that consumers need some sort of protections when entering a volatile market such as Cryptocurrency and particularly Initial Coin Offerings(ICO’s).
While these protections are drafted and put in to place, I would just petition that the regulators consider the effects of regulations and try to take a broad approach so as to not limit the technological advancement being made within the space. Protecting, taxing, and regulating the ‘entrances’ and ‘exits’ to the cryptocurrency markets will be key. As well as transparency and disclosure laws around ICO’s to protect potential investors.
Overall, I think we are seeing very promising discussion on a very promising technological advancement that may change the way that the world handles value and currency in the future. I applaud our legislators for doing due diligence into the subject and protecting everyday consumers while not impeding the growth of this new technology.
