A strange thing happened on the way to the decentralized digital currency revolution: a cop – a regulator – seems to have salvaged bitcoin’s giant crash. Less than 24 hours after a 65 percent drop in bitcoin’s price, hysteria from all corners, no less than one man, the Commodities Futures Trading Commission (CFTC) chair, J. Christopher Giancarlo, brought the couch-fainting, pearl-clutching community hope.
Bitcoin Hero, J. Christopher Giancarlo
No one in the ecosystem was excited that two of bitcoin’s main regulators, the Securities and Exchange Commission (SEC) and CFTC chairs were headed up to the United States Senate for a hearing in front of the Committee on Banking, Housing, and Urban Affairs. At issue was the future of regulation, and as luck would have it crypto had taken a giant dump and the US stock market dropped as well a day before. Politicians love to throw themselves between a crisis, and it being an election year, a perfect storm for headlines such as “crackdown” seemed to be brewing.