Technological Advisory Committee of the Commission on trade commodity futures (CFTC) held at its meeting
discussion of cryptocurrencies, blockchain and regulation of the industry. The meeting was attended by representatives of the private and public sector to discuss topics relating the cryptocurrency market, regulation of new technologies and the role of regulators.
At the meeting the Committee approved the creation of two subcommittees, one of which will be devoted to cryptocurrencies, and the other more wide application of the technology of a distributed registry in a financial environment.
The position of the regulator
At a press conference before the meeting, CFTC Commissioner Brian Quintenz (Brian Quintenz) called for the development of initiatives for self-regulation in the cryptocurrency sector. Quintenz echoed his position during the meeting:
«The CFTC should not attempt to make value judgments about which new products should be developed further and which are not is markets, investors and consumers have to decide that.»
Several participants, including from the CTFC asserted that we need new regulation to ensure the use of technology in the financial sector.
«Futuristic views on regulatory oversight should include DLT, as technology continues to improve and develop,» said Dan busca (Busca Dan), Deputy head of Department of control over market CFTC. «Trying to adapt the system to comply with the rules taken too late can be expensive».
Busca also suggested that the blockchain has the potential to be a useful tool for regulators as observers will manage its own nodes in the distributed network and to receive information in real time.
«The evolution of the DLT will allow regulatory agencies to seamlessly access data every time a transaction is recorded in a specific blockchain, without the need for human intervention and the presence of intermediaries.»
This, in turn, would make the work of the CFTC over «fast and efficient,» said busca.
The position of the private sector
Committee members from the private sector expressed different views on the regulation of cryptocurrencies and the blockchain, and to what extent regulators should participate in the work industry. Charlie Cooper (Charley Cooper), managing Director of R3, addressed to the regulators urging them to increase their participation in the work of the industry of the blockchain and cryptocurrency. He said:
«We would like to United States governing bodies and representatives of government agencies have become more active than it is now. There are already the Federal government all over the world that are ahead of US in this matter. This worries us».
Brian knight (Brian Knight), senior research fellow Mercatus Center at George Mason University, expressed concern about the growing role of regulators in the industry and said that such participation can provoke different problems.
«If we want the regulator was a kind of consultant, how can we be sure that he is fair in his judgment?»asked the knight.
At the end of the meeting, representatives of the Technology Committee noted that the study of technology will continue and that they will have a «revolutionary impact on trade, markets and the entire global financial system.»