CFTC Chairman Giancarlo - A Hero to Crypto World

The following statements from CFTC Chairman Giancarlo's testimony before the Senate banking committee were very pro-cryptocurrency:

'We are entering a new digital era in world financial markets. As we saw  with the development of the Internet, we cannot put the technology  genie back in the bottle. Virtual currencies mark a paradigm shift in  how we think about payments, traditional financial processes, and  engaging in economic activity. Ignoring these developments will not make  them go away, nor is it a responsible regulatory response. The  evolution of these assets, their volatility, and the interest they  attract from a rising global millennial population demand serious  examination.'

I thought I would share one example of the importance of his remarks. On one forum that published my last article titled: Markets in Turmoil – Can Cryptocurrencies Save the US from the Debt Bomb?, an initial comment stated:

'Cryptocurrency is only pretend money , there is no control , no Government backing , not backed by Gold or any other legal authority , its price has been driven by the irrational fear of missing out and promoted by the ponzy schemers who came up with it in the first place ....'

After I responded with the Chairman's statement, the same person replied:

'Thanks for that Alan , sounds like i should have bought Bitcoin a few years ago when they were cheap , i dare say the growing acceptance of virtual currencys if allowed to keep expanding could eventually put the US Dollars reserve currencys status under serious terminal presure.