Topic: 2013-05-07 Video--CFTC's Chilton on CNBC (Read 1098 times)
I think Chilton just validated bitcoin as real money, don't you think?
He seemed to be floating a trial balloon for the proposition that bitcoins are inherently already some sort of derivative. Though of what, it was unclear.
still don't understand what he was talking about. The CFTC only has jurisdiction on derivatives (as Chilton stated himself), so until those would be created, bitcoins as a currency and payment solution would come under banking laws (which have begun with FinCen. If anything, the only jurisdiction the SEC or CFTC has is in regards to if a broker offered some sort of bitcoin product. But then the regulation wouldn't be bitcoin related but would fall under their client safety and net capital requirements.
No derivative trading, no CFTC.
Even were options or futures to be launched, they still wouldn't be regulating bitcoins, but only place laws on how those derivatives are traded and how the product is marketed and created.
No derivative trading, no CFTC.
Even were options or futures to be launched, they still wouldn't be regulating bitcoins, but only place laws on how those derivatives are traded and how the product is marketed and created.
who's the black haired woman? She's clearly done some real research and thinking...
Interestingly (this was also the case on that one bloomberg piece for example): once there's a male and a female journalist, the male journalist looks like a complete douche and the female one actually smart and informed (at least by comparison).
Why is that?
i noticed the same thing. in fact, there have been 2 other ladies sympathetic to Bitcoin besides Carrera; Sarah Eisen and one other Bloomberg woman who's name i've forgotten.
also Katherine Mangu-Ward of reason magazine, but she doesn't have a male douchebag beside her.
who's the black haired woman? She's clearly done some real research and thinking...
Interestingly (this was also the case on that one bloomberg piece for example): once there's a male and a female journalist, the male journalist looks like a complete douche and the female one actually smart and informed (at least by comparison).
Why is that?
i noticed the same thing. in fact, there have been 2 other ladies sympathetic to Bitcoin besides Carrera; Sarah Eisen and one other Bloomberg woman who's name i've forgotten.
who's the black haired woman? She's clearly done some real research and thinking...
Interestingly (this was also the case on that one bloomberg piece for example): once there's a male and a female journalist, the male journalist looks like a complete douche and the female one actually smart and informed (at least by comparison).
Why is that?
I kept expecting him to say something reasonable like "If you are running an exchange, we want to ensure you have adequate margin set aside, and that your security is up to standard."
But it never came. He just sounded more and more deranged with every response.
Two words: "MF Global". It doesn't inspire much confidence.
But it never came. He just sounded more and more deranged with every response.
Two words: "MF Global". It doesn't inspire much confidence.
I am positively surprised at the actual knowledge and questioning tone of the interviewers.
Anyway ultimately the CFTC will be proven completely toothless in any context outside direct regulation of US-based brokers/exchangers offering BTC futures/options. And I'm sure the SEC will also eventually make noise about regulating US brokers offering Bitcoin ETFs or direct BTC buying/selling. Which, to me, is not in any way a worrisome situation. We already knew that Bitcoin will be regulated at any point where it touches "legacy" financial systems and services. I don't plan on trading BTC futures and don't care, for instance, what kind of margin requirements the desk at, say, Goldman Sachs will be imposed by the CFTC when holding BTC futures.
Anyway ultimately the CFTC will be proven completely toothless in any context outside direct regulation of US-based brokers/exchangers offering BTC futures/options. And I'm sure the SEC will also eventually make noise about regulating US brokers offering Bitcoin ETFs or direct BTC buying/selling. Which, to me, is not in any way a worrisome situation. We already knew that Bitcoin will be regulated at any point where it touches "legacy" financial systems and services. I don't plan on trading BTC futures and don't care, for instance, what kind of margin requirements the desk at, say, Goldman Sachs will be imposed by the CFTC when holding BTC futures.
Maria Caruso Cabrera
[Edit] Oops...Michelle
[Edit] Oops...Michelle
who's the black haired woman? She's clearly done some real research and thinking...
The regulation should be "if you deal with bitcoin, don't come bellyaching to the CFTC. We can only 'protect' you when you use USD".
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