Last Wednesday’s hearing in Congress by the Chairman of the Commission on trade commodity futures U.S. (CFTC) and Christopher Giancarlo (Christopher Giancarlo) confirmed that the Agency is interested in the application of the blockchain and will develop appropriate procedures that will allow you to explore the potential of technology distributed registry for future use.
A congressional hearing was devoted entirely to the work of the Commission. One of the questions asked by Giancarlo during the discussion were specialized center LabCFTC established by the Commission in the past year to communicate with financial technology community. As explained by the Chairman, the CFTC considers this center as a bridge, connecting them with the new emerging trends in the market.
Also Giancarlo commented on the law on the modernization of scientific research and development issued by the CFTC in June, explaining that it was developed in connection with the need for legally binding and fast exchange of information between the Commission and the financial-technology companies working in the field of technologies of the distributed registry. Unfortunately, direct participation in testing blockchain projects CFTC is prohibited, because, according to law, the free exchange of various information between the Agency and private companies is treated as a bribe. At the same time, the Commission is not able to pay companies for information, as the process of budget allocation is too time consuming and labor intensive.
The modernization act will allow government authority to be a member of innovative financial and technological projects without having to pay them and without violating the regulations.
“We are lagging behind. Just two days ago the Bank of England has announced that its upgraded billing system will be compatible with bloccano. And the last four years he has participated in all beta tests blockchain systems in which we participate could not. Therefore, I feel that we are lagging behind by four years, because now we have to do the same. We need to examine how such activities can help us to work better as a regulator,” explained the importance of the introduction of new legal procedures, Giancarlo.
We will remind that the Chairman of the CFTC demonstrated a positive attitude to the blockchain in February for the joint Commission on securities and exchange Commission (SEC) hearing on crypto currencies. Then he said that the technology offers “tremendous opportunities” in a wide range of areas.
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