CFTC to Take 'Do No Harm' Approach on Crypto Regulation



alright guys there's an interesting thing that's come out the us today which is probably gonna see some market rises I'm not guarantee you will because the market in a pretty poor state right now but the CFTC are gonna take a do not harm approach on crypto regulations in other words they are gonna scrutinize it look at it but not looking to destroy something that could be becoming a very important financial aspect of American society at the end of the day it it stimulates innovation new technology but also it's very difficult to control due to being decentralized I mean for example if you were trading out in the Maldives and you only took back a small percentage every month they have no idea how much is on you actually have in your portfolio and the Maldives all they would see is something like you took it out through coin base so bear that in mind I think they're looking at how they can regulate control tax or whatever and I do think they'll hunt down Ponzi schemes I do think they'll go after the scams the frauds but what are the interesting things that come out of this and this is a quote do no harm was unquestionably the right approach do no harm is the right / overarching approach for distributed ledger technology with the proper balance of sound policy regulatory oversight and private sector innovation new technologies will allow American markets to evolve in responsible ways and continue to grow our economy and increase prosperity because you've got a bear in mind this is a new market at the end of the day everything else is already existing so this is new innovation new markets new business etc so they're not looking to destroy it they can see this as being an opportunity in the same way if they hindered and stopped it they could find that other countries embrace it and could see a new revolution of technology that they'd cut themselves out of the process by over control he also added on that the CFTC in conjunction with SEC and other financial enforcement ages agencies will protect investors and aggressively prosecute cryptocurrency schemes that engage in fraud and manipulation now fraud I can understand outright fraud manipulation it's a bit of a gray worried it can mean many things so whether that's a manipulation a price I'm not sure if you say there's gonna be worth X next year or whatever is that manipulation or is that an estimation so it's still a little bit vague but the important bits out of this which is good for the market and may actually see some positive if price changes is that they're not looking to shut the things down they're looking at how to regulate how to control but not to hinder they do not want to move things to a point that it could actually hinder the growth of crypto because there's so much innovation in technology in there they could benefit the US market as well as its global market so that that's all positive news out of the u.s. I'm very happy with that because in all honesty I know that Chase Bank with these credit card thing and all that so I just don't think they should have that right to dictate to you what you do with your money and though they they all act with a big smile and everything else but at the same time they'll quite happily take your house if you can't pay your bills so don't tell me it's about credit card because at the end of the day they've already credit checked you a credit score doing everything else but what's good to see how the US government is a slightly different approach which is more positive which is they want to work with the crypto they want to develop with the crypto not hinder it not destroy it but stabilize it make it safer so it's all positive news and I just want to say thanks for watching and if you do like the video please like

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