The chief of the U.S. Commodity Futures Trading Commission (CFTC) told Congress on Wednesday that the agency is falling behind on the issue of blockchain in contrast to other nations.
Chairman J. Christopher Giancarlo was talking before the House Committee on Agriculture, addressing queries about the agency’s performance and the future schedule. It was during that time when the chairman fielded a query about blockchain.
The regulator is constrained to ensure methods – for instance, Giancarlo cited that the CFTC cannot operate a node on a blockchain operated by a banking consortium – apart from being invited to these organizations – as a consequence of the sharing of data and knowledge is taken into explanation, subsequently is single entity the CFTC cannot claim for.
Uniformly, the CFTC can’t purchase or hire the power to run a node as an outcome, it will require appropriations invoice by means of Congress. In addition, he debated, “by the point, we undergo all that, this factor is by now launched.”
As a substitute, he advocated for an invoice commenced by Rep. Austin Scott which might be funding the regulator of the power to just admit shared knowledge – one thing that may give the CFTC a leg-up on the topic.
The ironic half, Rep. Michael Conaway jibed, is the CFTC has the authenticated authority to demand data after the blockchain is launched, however, the present legal guidelines forestall of the regulator from demanding on the data prior to that time.
Eye in the marketplace
Giancarlo, additionally, addressed the regulator’s skill to administer the cryptocurrencies predominantly, noting that the regulator is limited to commodities and future’s contracts, in addition to deception and manipulation, reported Coin Desk.
That being mentioned, he added, the amount of ink is devoted to cryptocurrency far, outweighs their actual place within the financial system.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]