By CCN.com: Bart Chilton is dead at only 58 years of age. He served in the CFTC between 2007 and 2014, initially selected by George W. Bush, but reaffirmed throughout the Obama era. Bitcoin had barely entered the collective consciousness when he left his post, but he had strong opinions on the subject.
Chilton was a founder of the ICO.
Chilton said in later years he wished to have invested in Bitcoin earlier. In 2017, he supported an ICO that tied its brands to the value of oil.
He recently wrote:
The crypto-anarchist will say the existing systems are on the way. They will perish. I think that's crazy. I'm in the camp, working within existing systems to make significant progress. The old adage, if you are not part of the solution, you are part of the problem.
Chilton was known for his criticism of high-frequency trading bots, which he believed to have created a dangerous market all. Immediately after leaving the Commodities and Futures Trading Commission, Chilton joined the Modern Markets Initiative, a high-frequency trading association.
Sad news for all of us @CFTC https://t.co/PdCHIHBf4t
̵1; Chris Giancarlo (@giancarloCFTC) April 28, 2019
Like Bitcoin his problem was less with the high-frequency trading itself than with the under-regulated behavior of the trades. Feeling he could positively influence the industry, he said:
"People will say, 'Wait a minute, you beat [stuff] these guys,' and me He did, but I never said they should go away. "
He felt that companies that had joined the Modern Markets Initiative had good intentions and explained his influence in helping them to work in ways they believed they could would lead to a healthier economy.
The move was no different than its support for OilCoin, which was scheduled to start in January 2018 but never did. The sign would function as a digital future for oil – its value is directly related to the price of a barrel of oil, and real reserves should be maintained to support trade.
The former CFTC commissioner said regulation would be good for crypto
Earlier, Chilton had repeatedly called for a stronger regulation of cryptocurrencies. He believed that the law would stimulate a secure and significant boom in cryptocurrencies. His view is shared by many in the cryptocurrency industry, who have long felt that the lack of regulation leads to long-term existential problems and risks to consumers.
The continued proliferation of unregulated markets and gray markets is the main reason for The SEC has yet to approve a publicly traded Bitcoin fund. Regulators want to be sure that volume metrics are reliable. However, this is difficult if up to 95% of the total bitcoin volume is counterfeited.
At the same time, persistent security risks in crypto-sharing have resulted in billions of dollars worth of dollars per year. Well-crafted and well-executed rules can mitigate this, as Japanese regulators recently introduced on two exchanges to review their security policy. If the regulators have the technical expertise to ensure that the exchange properly manages custody, the ability to steal from the stock exchanges may be limited in the long term.
All these were the principles that made Bart Chilton a necessity for regulation. He kept an eye on the market and continued writing until his last days. Just last month he published an article about "Blockchain Dreamers".
& # 39; Blockchain Dreamers and the properties of bamboo & # 39; https://t.co/0Be8yFNpZj Bart may not have physically b
– Bart Chilton (@BartChilton) March 11, 2019