Government Involvement Key to Crypto’s Success, Says Terry Duffy

The CEO of leading derivative market CME Group, Terry Duffy, declared that until governments begins to embrace and accept cryptocurrencies, it is very tough for major commercial banks to participate fully in the market.

Duffy made his comments during an interview with Bloomberg that was published on February 14.

When asked if Bitcoin’s (BTC) price has hit the very bottom of the barrell, Duffy said that he is not sure. The interviewer also asked about the JPM Coin, the cryptocurrency soon to be introduced by United States banking giant JPMorgan to raise settlement efficiency

Duffy cited an alteration in JPMorgan Chase’s perception towards crypto when answering questions about institutional demand for Bitcoin.

In particular, he said that while at first the bank was very doubtful towards Bitcoin, “now they’re coming up with a couple offerings” and Goldman Sachs has done the same.

Duffy concluded:

“The key to the success of any currency, whether it’s fiat or crypto, is going to be associated with the government. So I think the government needs to be more involved.”

In its most recent demonstration of participation in the crypto space, the United States Securities and Exchange Commission (SEC) announced that it had gained an injunction against initial coin offering (ICO) operator Blockvest.

The SEC has also recently stressed guidelines on ICOs as efforts to formalize the sector continue.