During a speech at the 44th annual international conference on futures trading, the chairman of US Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, presented his vision of the future digital market.
“Excluding the mediation of traditional investors and business models is the key factor that challenges existing regulatory models. Of course, this factor is directly related to blockchain and crypto – these are two key phenomena that transform modern markets,” – stated Giancarlo.
Head of CFTC believes that the changes digital currencies and blockchain carry, put US federal regulators with serious task of preparing American society for a new reality. Giancarlo’s report “Improving the Past, Deciding the Present and Moving into the Future of the Digital Market” identifies blockchain technology and cryptocurrency as main factors capable of transforming the existing financial and regulatory systems. CFTC takes active steps to prepare for the challenges posed by new financial technologies. To realize these goals, a special structure LabCFTC was created as part of CFTC.
Giancarlo stressed that the laboratory is not a regulatory sandbox and does not exempt companies and startups from CFTC rules, but rather is needed to provide “internal technological assistance” to agency employees.
“This means that we explain the essence of technological innovation to our staff and other regulatory bodies, and also support the introduction of technology,” – he explained further.
However it is worth noting, that it might be not that positive on the sides of CTFC as soon prominent cryptosupporter Giancarlo, getting called “crypto dad”, will be replaced by President Trump’s candidate Heath Tarbert.