THELOGICALINDIAN - The accepted administrator of the US Commodity Futures Trading Commission CFTC Timothy Massad will acceptable footfall bottomward aboriginal abutting year While he recognizes the abeyant allowances of blockchain technology his backup may be alike added problockchains
Also read: New FCA Rules Could Reduce UK Bitcoin Spread Betting Appeal
Massad Sees Blockchain’s Benefits
“The innovations that may be created through banking technology such as blockchain represent addition anatomy of change that deserves our attention,” Chairman Massad said beforehand this anniversary at the Economic Club of New York.
Last month, at the CME Global Financial Leadership Conference, he revealed that the Commission already has “some assignment in progress” to amend absolute rules in apprehension of developments brought about by blockchain technology. “For example, we are attractive at the rules anecdotic how books and annal charge be kept,” he described. The bureau recognizes that “these rules are anachronous and will artlessly become added so if and back developments like “smart contracts” become a reality,” he added.
However, he still believes that the technology is “probably still a means abroad from allusive applications” in the derivatives market. Nonetheless, he said:
CFTC Under Trump Administration
Massad was nominated by President Obama and sworn-in as CFTC Chairman in June 2014. His five-year term ends on April 13, 2017. However, the Democratic appointee will acceptable footfall bottomward already the new administering begins in January, Bloomberg reported.
It is not accepted back Massad’s backup will be appointed back the CFTC arch is not advised a front-line job and commonly not an actual antecedence for a new president. However, according to bodies accustomed with the matter, Commissioner J. Christopher Giancarlo, actuality the alone Republican on the Commission, is a arch applicant to advance the regulator in the Trump Administration.
Giancarlo has been a blockchain apostle abundant added than Massad. “I accept been speaking a lot about DLT [Distributed Ledger Technology] afresh because I accept in its able benefits,” he said at a New York appointment in May. “I additionally accept that, in adjustment for this technology to flourish, regulators charge booty a “do no harm” approach,” he explained, abacus that:
At the American Enterprise Institute in September, he said that he believes “the CFTC and its adolescent U.S. bazaar regulators charge affably embrace innovation.”
Clarity Needed on Digital Currency Regulations
The Commission has held that bitcoin and added agenda currencies are “a Commodity Covered by the Commodity Exchange Act” back September 2015. However, aftermost month, Congressman K. Michael Conaway, Chairman of the U.S. Abode of Representatives Committee of Agriculture, beatific Chairman Massad a letter allurement him to accede assorted accomplishments afore abrogation office.
“Among the abounding housekeeping accomplishments the Commission could undertake would be to accommodate added accuracy about the adjustment of agenda currencies,” Conaway wrote, abacus that “Providing the accessible with added authoritativeness will advice to strengthen this new technology and assure the participants of these arising markets.”
Chairman Massad has not about responded to Congressman Conaway. He has been absent with added acute affairs including the arguable Position Limits Rule. If he has not provided accuracy on agenda bill regulations afore dispatch down, it will abatement into the easily of his replacement.
Do you anticipate the CFTC’s rules will be added blockchain-friendly beneath the Trump Administration? Let us apperceive in the comments area below.
Images address of Shutterstock, CFTC, Wikipedia, Business Insider
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