The chairman of the Commodity Futures Trading Commission believes that a clear regulatory framework will help institutions enter the crypto market

Rostin Benham, chairman of the Commodity Futures Trading Commission (CFTC), believes that regulation of the cryptocurrency industry under the control of the department can have significant advantages. One of them is the potential growth in the price of the main crypto coin.

“Bitcoin could double in value if there is space regulated by the CFTC,” Benham said in his own forecast.

In his opinion, a transparent regulatory framework will help remove barriers to institutional entry into the crypto market.

“Non-banking [crypto] institutions will thrive under regulatory certainty. They can argue about the type of regulation, but they need this clarity,” said the head of the CFTC.

Benham also voiced his opinion in support of a bill to protect the rights of consumers of digital goods. If it is approved, the CFTC will take on the role of regulating the crypto market.

And the former hedge fund manager Stanley Druckenmiller expects the US economy to deteriorate significantly by the end of 2023. He believes that it is during this period that the crypto market will be able to revive.

According to Druckenmiller, digital currencies can be of great importance in the context of an economic recovery, but for this, the conservative market must collapse. After that, people will lose confidence in central banks and turn to digital assets.

“I think by the end of 2023 we will see a hard drop. And cryptocurrencies will play a big role in the renaissance. But, of course, this is just a prediction. I have been wrong many times, but we predict a recession in 2023, this is our professional opinion,” said the billionaire.

Do you agree with the entrepreneur’s forecast?

--

--