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Thursday, December 01, 2022

Bitcoin Price Will Double If US Markets Are Regulated, Says Official

Bitcoin Price Will Double If US Markets Are Regulated, Says Official

A United States regulatory authority said this week that bitcoin (BTC) could double in price if a framework is established to regulate cryptocurrency activity in the North American country.

It is the chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnum. For them, an outline obtained from the office they run market will benefit, “Development can happen if we have a well regulated space,” he said.

During a conversation at New York University, Behnum, who disputes the regulation of bitcoin in the United States with Gary Gensler (from the Securities and Exchange Commission), Claimed that the leading cryptocurrency “could double in price if it is a CFTC-regulated market”CoinDesk reviews.

This is because regulation from that premise could attract more institutional investors, which would drive the price of BTC up. In his view, companies “see a huge opportunity for institutional entries that will only happen if there is a regulatory structure in place around this market.”

According to Behnum, bitcoin-affiliated companies can prosper only “in regulation” and with “certainty” that they are part of the market. This adds to the fact that regulated companies They may have “features” with which to “beat everyone else in the market”.

Benham Supports Bitcoin Regulation

This isn’t the first time Behnum has advocated for regulation. As Cryptonoticious reported a few months ago, the US official called for clear and neutral regulations for the cryptocurrency market, The ecosystem that has been going through May as a result of the recession season.

Thus Behmann referred to legislative proposals in the United States Congress, Those who want to give a legal framework for the use of cryptocurrencies in that country.

At least three projects are proposed to the CFTC that it directs as the main regulator of the ecosystem in the North American nation. We talk about them in this cryptonoticious article.

However, disputes with the Securities and Exchange Commission (SEC) persist to the point where that office wants to regulate cryptocurrency exchanges in the same way as stock exchanges. This, When there is still no consensus on the matter in the US legislature.

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