CFTC Chairman Lauds Recent Ethereum Market Performance
Chairman of the U.S Commodities and Futures Trading Commission (CFTC), Heath Tarbert, has shown support for Ethereum while noting that he has been impressed by the performance of the digital asset.
Ethereum has received massive backlash from members of the crypto community in recent months over numerous issues that have plagued its network. From congestion on the network to surge in transaction fees, users have endured these and some other network problems.
Despite the price of the digital assets gradually moving in an upward direction, critics have said that the network might not succeed in the long run due to the delay in launching the Ethereum scaling technology.
Tarbert hopes Ethereum will have its regulated futures in the coming months
Despite critics taking a negative swing at the asset, the proponents are not perturbed as they have backed the digital asset to make a rapid rise in the crypto market. One of such people is the U.S Commodities and Futures Trade Commission Chairman, Heath Tarbert, who has thrown his weight behind the digital asset.
While praising the digital asset at an event organized by CoinDesk, he noted that the coin had impressed him. He further said that while performing his role at the regulatory office, he sees Bitcoin as email while Ethereum is like the internet.
Notably, this is not the first time Tarbert would shower encomiums on Ethereum, as he has done so already on previous occasions. One peculiar case was when he granted an interview and told reporters that Ethereum should have its regulated futures.
Tarbert said that he has a strong belief that there would be futures for Ethereum in the next six to eight months. Experts have noted that the Chairman’s high regard for Ethereum means that he sees Ethereum as a commodity and not as securities.
CFTC may face regulatory issues with the invent of decentralized derivatives platforms
Even though the CFTC has firmly said that there is no value in digital assets, the regulatory body is still working to ensure total regulation of the crypto space. Last week, a report claimed that CFTC was charging BitMEX, a crypto derivatives company that provides futures in Bitcoin, Etherueum, and other leading cryptocurrencies.
BitMEX is presently one of the most influential firms in the crypto space and has accumulated more BTC and ETH derivatives volumes than every other firm. Despite the news, investors and traders are still carrying about their activities on the platform.
After the news of the charge broke out, Mike Novogratz, CEO of Galaxy Bank, said, “Crypto friends, Let’s remember that you are innocent to proven guilty. It’s a cornerstone of American justice. I have no insight into the case, but I wish @CryptoHayes well. I do think that $btc and crypto is far bigger than anyone exchange or person. So buy dips.”
With the momentum presently building up in decentralized derivatives platforms, CFTC may soon begin to encounter problems in regulating Etherueum.
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