Mark Wetjen Wants Regulation to Encourage Bitcoin Innovators to Remain in U.S.
On November 4, Mark Wetjen wrote an oped in the Wall Street Journal asking regulators to steer clear of harming Bitcoin. Wetjen is a commissioner on the Commodity Futures Trading Commission (CFTC) and a Democrat. As reportedinThe Hill, he said the goal should be to "lay the groundwork for future innovation" and to "build confidence in consumers currently leery of embracing the new technology." Events such as Mt. Gox, Silk Road, and today's seizure of Silk Road 2, along with the shutdown of other dark markets, “shake the public’s confidence in Bitcoin.” Other regulators have spoken about....
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The US Commodity Futures Trading Commission (CFTC) has announced that it is investigating whether it has the authority to regulate bitcoin and other digital currencies, Reuters reports. "We are looking into that," Mark Wetjen, the CFTC's acting chairman, said at an industry conference. "It's been initiated, there's been an internal discussion at the staff level." The CFTC, which regulates the swaps and futures market, is studying whether bitcoin falls under the same rules as commodities markets, according to Wetjen. He said: "I think people [within the CFTC] believe there's a pretty good....
The struggle between US regulatory agencies about who can act in cases involving Bitcoin continues as the Commodity Futures Trading Commission, an independent United States Federal agency determined that it has enforcement powers against price manipulation in Bitcoin markets. This agency was established in 1974 by the Commodity Futures Trading Act to promote “competitive and efficient futures markets and protect investors against manipulation, abusive trade practices and fraud.” In remarks at the Bitcoin conference held at Bloomberg, CFTC Commissioner Mark Wetjen stated when asked if his....
A commissioner of the Commodity Futures Trading Commission (CFTC), Mark Wetjen, has spoken out in favour of flexible bitcoin regulation in the derivatives space and beyond. His statements came in the aftermath of a CFTC webcast, organised last week to discuss a number of questions related to digital currencies. On the day, more than 5,000 people across the world tuned in to watch the event, which was by far the largest online audience attracted by a CTFC meeting to date. Notably, more of the viewers were from Guangzhou, China, than Washington, DC, according to the commission. Wetjen has....
Former CFTC head Giancarlo said a “central bank mindset” is holding crypto back, and Wetjen saw the need for more entrepreneurialism in regulatory agencies. Former Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo, known by some as Crypto Dad during his tenure from 2017 to 2019, spoke on the topic of U.S. crypto regulation at the Crypto Bahamas conference on Thursday. He called the current U.S. regulations, many of which were written in the 1930s, “nonapplicable” to the current financial reality of cryptocurrencies.Giancarlo expressed concern that central banks were....
A Wall Street Journal report indicates that the Commodity Futures Trading Commission (CTFC) is looking into whether or not it has jurisdiction over bitcoin and other digital currencies. When asked, acting Chairman of the Commission Mark Wetjen said "We are looking into that," at a conference in Florida. "There's been internal discussion I know at the staff level." Wetjen said that an analysis as to whether or not digital currency is a commodity is "not complete." With proper jurisdiction, the commission would be responsible for establishing some level of regulatory framework in order to....