The cryptocurrency world is getting powerful every day as more and more people speak in its favor. However, nothing makes as good press as a former regulator joining a cryptocurrency exchange to help it run its operations smoothly. The former regulator in question here is Bart Chilton, ex-commissioner of the U.S. Commodity and Futures Trading Commission (CFTC); while the exchange is Omega One, a relatively new, decentralized cryptocurrency trading platform.
Chilton announced recently that he will be joining the exchange as an advisor and will be guiding the company on the regulatory procedures within and outside the U.S.
By having Chilton’s affiliation in this capacity, Omega One aims to establish itself as a credible institution by ensuring that it gets to follow and comply with any regulatory procedures required from a growing cryptocurrency exchange.
Chilton has always pushed for crypto regulations but not in a negative light
Chilton, who was a commissioner at the CFTC from 2007 to 2014, has always been a proponent of giving a fair chance to cryptocurrencies while also having proper regulations implemented on the asset class.
He believes that the new market segment can thrive further if it works with complying with the regulatory authorities, which in turn, can help it be identified as a credible industry, instead of a shady operation.
Author of CFTC’s best-selling agency book titled “Ponzimonium: How Scam Artists Are Ripping Off America,” Chilton is also a proponent of protecting investor rights by keeping them informed about – and safe from – harmful practices and schemes.
Keeping this in mind, he believes that cryptocurrencies should be regulated properly just like any other asset class. He thinks that investors should stay protected and that the financial market should grow and meet its full potential
Chilton also holds Bitcoin and Ethereum, but he obtained them after last year’s boom in the market. He spoke to CNBC this month about his late decision to invest in cryptocurrencies.
“I wish I had been investing when I told everybody to be careful. I had a lot of my friends that said, ‘You told me not to invest.’ They would have been millionaires.”
During the same interview, Chilton had also spoken about the currently fluctuating prices of cryptocurrencies, especially Bitcoin.
“There’s a shaking out going on in the digital currency world. There’s a lot of craziness out there, but as we go forward on CME and Chicago Board Options Exchange [sic] it is a first step at regularizing.”
Omega one has started moving fast
After somewhat of a lull between its activities, Omega One has once again gone back to its active state and has not just signed on Chilton to join the company, but has also tapped three former Wall Street execs to join the company in various capacities.
With its team of experienced individuals and system offering of a decentralized cryptocurrency exchange, Omega One seems to have a recipe for success. It just remains to be seen what kind of long-term results it can obtain from it.
Omega One is backed by ConsenSys, a technology company that specializes in developing decentralized solutions.