Bitcoin needs regulation, which is evidenced by significant fluctuations in rates and its instability

09/22/2017

This is at least the opinion of former US Commerce Commissioner Bart Chilton, published at CNBC.

Chilton was the chairman of the US Commerce Committee (CFTC), the Financial Agency, whose task was to oversee derivatives markets in the United States. The former financial regulator emphasizes that Bitcoin carries a “big danger” due to the lack of regulation, and government repression from China should show investors and programmers that such regulations are needed.

Chilton believes that the Bitcoin community needs a visionary leadership that can change the direction of Bitcoin’s development away from anti-government attitudes, to a more regulated environment, ensuring stability.

Instead of waiting for governments to take action that hampers the development of digital currencies, we should take steps to introduce adequate regulatory oversight of new and innovative financial technologies.

This perspective contradicts, at least in part, the vision of Bitcoin and other crypto accounts, because their domain (mostly) was decentralization, anonymity and independence.