Cftc Wsj Op Ed Cryptocurrency

CFTC Head Calls for Crypto Regulation or It'll Take Down Economy

Op-ed in The Wall Street Journal

Regulate Crypto or It'll Take Down the Economy

WASHINGTON - The head of the Commodity Futures Trading Commission (CFTC) has called on lawmakers to regulate the cryptocurrency industry, warning that if they fail to do so, it could take down the economy. In an op-ed published in The Wall Street Journal, CFTC Chairman J. Christopher Giancarlo said that the cryptocurrency market is "a ticking time bomb" and that "it is only a matter of time before it explodes." Giancarlo said that the cryptocurrency market is "rife with fraud, manipulation, and abuse" and that it is "a threat to the stability of the financial system." He called on lawmakers to pass legislation that would regulate the cryptocurrency industry and protect consumers. Giancarlo's op-ed comes as the cryptocurrency market has been in a state of turmoil. The price of Bitcoin, the largest cryptocurrency by market capitalization, has fallen by more than 50% since its peak in December 2017. The cryptocurrency market has also been rocked by a number of high-profile scams and hacks. Giancarlo's op-ed is a sign that regulators are increasingly concerned about the risks posed by the cryptocurrency industry. It is likely that lawmakers will soon begin to consider legislation to regulate the cryptocurrency industry.