Cryptocurrencies Are Not Going Away – CFTC Commissioner Rostin Behnambr>
Rostin Behnam, commissioner of the US Commodity Futures Trading Commission (CFTC), said that cryptocurrency is a “technological revolution” that will one day be a part of the economic practices of any country
During the recent BFI Summit at the United Nations Plaza in New York, Behnam discussed challenges faced by the CFTC as it regulates industries associated with the nascent blockchain field, admitting that regulating the industry is “daunting and difficult.”
“The debate on virtual assets is just beginning,” Behnam said “None of us know where it will end. But it has forced us to rethink. We have learned that virtual assets respect no borders. Regulation is often behind the curve, unable to keep up with daily developments. At least the developments we know about. As a result, some countries have outlawed virtual currencies.”
Rather than criticizing the new technology as a tool for criminals, the commissioner emphasized the major potential for the technology to address issues in healthcare, employment and crime, among other sectors.
“Virtual currencies may – will – become part of the economic practices of any country, anywhere,” he said. “Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”
Behnam also believes that cryptocurrencies will become an essential part of smaller economies.
“Some places, small economies, may become dependent on virtual assets for survival,” he said. “And these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations.”
However, Behnam warned that if cryptocurrencies are not properly overseen, it could become a source for repression and totalitarianism.
“If we are not thoughtful, if we do not remain ever diligent to the movements within the transformation, we may unleash corruption, criminality, and division on a greater scale,” he said.