Former CFTC Chairman says he would have heavily regulated cryptocurrencies, saying it needs "more regulation than oil"...

Speaking on Bloomberg's "Daybreak" Gary Gensler, former chairman of U.S. Commodity Futures Trading Commission, discusses the rise of blockchain technology and regulation of cryptocurrencies. In his opinion, lots of regulations are needed, including all ICO's to be registered as securities - which then gives the SEC powerful oversight authority.

Gary was appointed by, and served under President Barack Obama.

The current CFTC Chair, J. Christopher Giancarlo appointed by President Trump doesn't want to jump the gun by passing strict regulations that could stop legitimate market growth. For now, his targets are the scammers and people breaking existing laws, where no new regulations are needed to stop them.

"When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow and deliberate and well informed." says Giancarlo.