According to a US Commodity Futures Contracts Commission (CFTC) official, the cryptocurrency market may begin to pose a greater risk over time.
According to Christy Goldsmith Romero, one of the CFTC officials, although the cryptocurrency market is still small considering the entire financial market in the USA, the risks of cryptocurrencies for the financial system may grow over time.
Speaking at an event in New York, Romero said: “The risks on the financial stability side will grow, and if the relationship between traditional finance participants and the crypto industry is strengthened, these risks may become systemic risks.” said.
The CFTC official also dealt with the recent events in the crypto money market. Between the crisis in 2008 drawing a parallel, he made the following statements:
“It was thought that cryptocurrencies would separate from the traditional financial system, its weak points. But last spring, it became clear that the crypto market also carries risks similar to the financial stability risks in traditional finance, in line with the financial crisis of 2008.”
According to Romero, some of the risks in the cryptocurrency market come from Congress. “More empowerment” to the CFTC case can be resolved.