Chris Giancarlo, CTFC Chairman, Becomes Crypto Hero
The Commodity Futures Trading Commission has been active in the crypto space, but after a positive assessment, chairman Chris Giancarlo receives Twitter stardom.
The US Commodity Futures Trading Commission, a body attempting to regulate and oversee the crypto space, has produced an accidental crypto hero. The CTFC chairman, Chris Giancarlo, saw thousands of followers flock to his Twitter account, after a rather positive preview injected new optimism on the crypto markets.
In a recent speech to the US Senate Banking Committee, Giancarlo presented the challenges for investigating and regulating cryptocurrencies.
"There is clearly no shortage of opinions on virtual currencies such as Bitcoin. In fact, virtual currencies may be all things to all people: for some, potential riches, the next big thing, a technological revolution, and [...a] value proposition; for others, a fraud, a new form of temptation and allure, and a way to separate the unsuspecting from their money," said Giancarlo in an overall balanced comment.
The CTFC can also be credited with working on ICO scams in recent days, based on a much older decision to oversee Bitcoin and other digital assets as commodities. The CTFC has success in catching ICOs that don't go the usual route of contacting the crypto community, but solicit individual investors, in what resembles older fraud schemes, only using crypto-related terms and approaches to lure buyers.
The most recent CTFC involvement was with the case of My Big Coin, an alleged blockchain project where the founders gathered fiat funds directly, and spent the money on personal items, home repairs, and luxuries.
And this is precisely why the CTFC would remain vigilant regarding the crypto space:
The Giancarlo testimony reveals that the CTFC would continue to explain the dangers of crypto assets to vulnerable groups, mostly senior citizens, but also to enthusiastic target groups: the Millenials.
The Commission has plans to reach out to "key virtual currency demographics, such as Millennials, through digital communications designed to engage these demographics through channels and in forums they are predisposed to engage."
In simpler words, the Twitter stardom of Giancarlo may just serve the purpose of spreading more awareness of the risks of crypto coins.