The head of the CFTC: «we have lagged behind for four years»

During congressional hearings, the head of the Commission on trade commodity futures U.S. (CFTC) and Christopher Giancarlo announced the interest of his Agency for technology of the blockchain. He stressed the need for appropriate procedures that would enable the CFTC to examine the blockchain to identify potential options for its use.

Hearing «Review the upcoming agenda for the CFTC» was initiated by the house Committee on agriculture. At the hearing, Congressman Austin Scott asked Giancarlo to explain the purpose LabCFTC — specialized center for «interaction with innovative community Finance», which was created by the Agency in 2017.

«LabCFTC is our front door to the market of Finance. Very important for us to understand the innovations that are so rapidly developing», – said the head of the CFTC.

Answering the question about the importance of the Law on the modernization of research and development CFTC submitted by members of the Committee on agriculture earlier, Giancarlo explained that there is a need for a legally secure and fast process of information exchange between the Agency and FINTECH innovators, «especially in the area of the blockchain».

According to him, the Agency is not permitted to participate directly in the proof-of concept (PoC), because the free exchange of information between the CFTC and private start-UPS are prohibited.

However, the new Law on modernization of the CFTC will allow the Agency to directly participate in innovative projects Finance. Giancarlo explained why he believes it is important that the CFTC has established a new legal procedure:

«We are lagging behind. Just two days ago the Bank of England announced the introduction of a new payment system that will be compatible with bloccano. And they have had four years to participate in these beta tests, which we could not do. So, I feel that we are lagging behind by four years, so we need to test the technology to understand how it can help us to work better as a regulator,» he explained.

Back in February Commission United States securities and exchange Commission (SEC) and CFTC held a joint hearing on cryptocurrencies, during which he outlined his friendly attitude towards the blockchain. He said that financial institutions, charities, social services, agriculture and logistics can benefit from the use of technology various benefits.

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