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CFTC a Chairman aka ‘Cryptodad’, gets his share of criticism

Apr 02, 2018 Posted /  796 Views

CFTC a Chairman aka ‘Cryptodad’, gets his share of criticism

The U.S. Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974, that regulates futures and options markets.  Giancarlo earned the “cryptodad” nickname after he gave a surprisingly touching personal statement in a recent Senate hearing on cryptocurrencies, explaining how this technology has touched both his children and his niece and has given rise to many fruitful dinner table conversations. “It strikes me that we owe it to this new generation to respect their enthusiasm to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one,” he said.

Any famous person always has equal critics. Hence even he has also attracted his fair share of critics. Critics allege that the mere fact that he is discussing the maturing asset class at all will legitimize it in the eyes of innocent investors, leading them to invest in risky products and investments they may not have any idea of.

However, as has been the case with many prominent cryptocurrency figures, scammers have imitated Giancarlo’s Twitter account to attempt to make it appear as though he is asking users to send him funds. Giancarlo, a Republican, caused a bit of a fuss when he tweeted out a picture of an inter-agency meeting that appeared to have been attended solely by other Republicans. Democrats furious by his act, both in the CFTC and on Capitol Hill, immediately accused Giancarlo of violating federal open meeting laws.

Nonetheless, the commission has defended Giancarlo’s Twitter activity, arguing that it is a useful platform for directing investors toward the CFTC’s educational materials.

“The Chairman has tweeted a whopping total of 12 times since his testimony to the Senate Banking Committee that garnered such interest in the CFTC’s work on cryptocurrency,” said CFTC spokeswoman Erica Richardson. “Nine of these tweets have been about investor protection and the proactive regulatory work the agency is doing on FinTech and cryptocurrency.”

“Giancarlo views Twitter as a valuable platform to reach diverse audiences on customer education,” Richardson added. “He will continue to use Twitter to drive followers to the CFTC’s educational materials.”

We just can't deny the fact that a highly famous person is to be criticised equally as he is be admired. A person's motive should not be set back by such skepticism against them but should use them as a tool to propel themselves forward.

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Tags: cryptocurrency figures

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