Christopher Giancarlo – the U.S. Commodity Futures Trading Commission (CFTC) chairman has addressed the cryptocurrencies’ impact on clearinghouses applications in a speech to the House of Representatives Committee.

A clearing house acts as an intermediary between a buyer and seller and seeks to ensure that not only the process from trade inception to settlement is smooth, but also the buyer and seller honor their contract obligations.

“The Commission anticipates new applications for clearinghouse registration resulting from the explosion of interest in cryptocurrencies; an area in which protection of the cryptocurrencies will be one of the highest risks,” Giancarlo commented on Agriculture Subcommittee on Commodity Exchanges, Energy and Credit in Washington, D.C.

Besides that, the chairman also mentioned about clearinghouses examinations in order to prevent associated risks control ability. With the technological developments regulation and monitoring, agency needs to follow the foundations, which are exponential growth mindset adoption, quantitative regulator development, market-based solutions embracement and Fintech Stakeholder establishment for related opportunities and challenges.

This April, Heath Tarbert – the U.S. president’s nominee for the CFTC chairmanship emphasized about the commitment of agency’s monitoring, while CFTC is making its regulations simpler, easier and economical.

Besides, Giancarlo considered “the disintermediation of traditional actors and business models” as a key to change the existing blockchain and cryptocurrencies models in the contemporary markets.

Recently, SEC, along with CFTC, have recently issued a warning for investors, against deceitful web pages which disguise themselves as advisory and trading businesses, as The Crypto Sight reported.