Bitcoin and other cryptocurrencies are a “modern miracle”, CFTC Commissioner Rostin Behnam said recently, and claimed they are not going away.
In a speech at the BFI Summit in New York, he said: “Virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. Some places, small economies, may become dependent on virtual assets for survival.
“And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organisations. We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”
Behnam went on to talk about the problem of regulation, fraud and other manipulations, and said the issues have forced regulators to rethink their stance on virtual assets.
“Regulation is often behind the curve, unbale to keep up with daily developments,” he added.
“Blockchain is more than technology: it is an advance that reaches out into every aspect of life. As a young child, I would come to this building in search of solutions to the problems of the world. Now, today, we may have found one of those solutions – bigger, bolder, more comprehensive, and more effective than anything imagined before. And, as a regulator, I am pleased to be part of your discussion.”