The head of the Commission on trade commodity futures (CFTC) and Christopher Giancarlo (Christopher Giancarlo), speaking at the house Committee on agriculture, said that his Agency lagged far behind the realities in the understanding of the blockchain technology.
For example, he said, the CFTC cannot manage Noda consortium of banks that use this technology and provided to the financial regulator such as the dissemination of information can be considered a gift, and the Commission has no right to take it. That is, the CFTC at the legislative level is allowed to require information about the use of technology only through the appropriate summons and after the launch of the blockchain.
Also, the CFTC limited the purchase or lease of the current node, as this would require a revision of the law on the expenditure of Agency funds at the level of Congress.
“We are lagging behind. While the Bank of England just two days ago announced the introduction of Velikobritanii new interbank payment system compatible with bloccano… the Bank of England was 4 years… to participate in all beta tests of the blockchain that we can’t afford it, they studied the technology and now introducing…
I feel that we are off by 4 years, because we need to test technology to better perform the work of the regulator and before I come to the Congress to inform you that we need funds for the creation of something,” said Giancarlo.
In addition, the head of fingerplate noted that its ability to supervise the cryptocurrency at the moment is also too narrow because it is limited to commodity futures, issues of fraud and manipulation. In his view, the CFTC should approach the cryptocurrency market is closer, but watching him with caution, not to harm and to give him “a little to develop before introducing regulation.”
Recall that a week ago, the head of FINTECH initiatives the CFTC Gorfain Daniel (Daniel Gorfine) also warned U.S. lawmakers of what he called “hasty regulatory statements”. He noted that many things can be considered goods, but not all of them deserve the attention of U.S. regulators.