The Chairman of the US Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, recently outlined the agency’s interest in blockchain technology. During a Congressional hearing which took place on July 25th, the chairman emphasized the need for appropriate procedures that would allow the CFTC to examine innovative blockchain tech for future and potential use cases.
The hearing was titled “Examining the Upcoming Agenda for the CFTC” and was convened by the House Committee on Agriculture. During it, Giancarlo was asked by the Congressman to explain the goals of LabCFTC, which is a hub for “engagement with the fintech innovation community.”
As Giancarlo noted:
“LabCFTC is our front door into these new regulatory fintech developments in the marketplace, and it’s so important to us to be able to understand these innovations that are coming down the pike so fast.”
However, Giancarlo’s most interesting comments were pointed towards the potential adoption of the blockchain. When asked about the importance of the CFTC Research and Development Modernization Act, he explained that:
“…there is a need for a legally sound, fast process of sharing information between the agency and fintech innovators, especially when it comes to blockchain technology.”
The chairman explained why he thinks it is important for the CFTC to establish new legal procedures. He stated:
“We’re falling behind. Just two days ago, the Bank of England announced that they’re putting in a new bank-to-bank payment system in the U.K., and it’s gonna be blockchain-compliant. And they’ve had the last four years (…) to participate in all these blockchain beta tests that we’ve not been able to participate in. (…) So I feel like we’re four years behind, because we do need to test it, (…) we need to see how it can help us do a better job as regulator.”
The US Securities and Exchange Commission (SEC) and CFTC recently held a joint hearing on cryptocurrencies. During it, Giancarlo outlined the positive stance on blockchain tech, stating that financial institutions, charities, social services, agriculture and logistics can all benefit from the technology in a number of ways.
QuadrigaCX Chief Executive Feared For His Life According To A Close Friend
‘’Gerry was holding, we know, over $100 million, almost $200 million dollars in funds. That makes people do some pretty crazy things. And I think Gerry was aware of that, and I think he was kind of worried that something might happen.’’O’Brien also outlined that the only way to access the funds is if Cotten had already set up multiple contingency measures. He stated that the QuadrigaCX Chief executive should create a backup system in case anything goes wrong. This information can be hopeful for some users of the exchange but everything could be lost if there isn’t a backup system built. When he described Cotten, O’Brien noted that the QuadrigaCX chief executive was a super smart man but that ‘’ a dead man’s switch would be something that Gerry would have had to set up before he passed away.’’ Usually, this kind of a ‘’switch’’ is activated over a long time of inactivity. Some believe that the dead man’s trigger services could send an email to all of the users in a specified period over a month or two. The user is then expected to respond to the emails by clicking a link. However, if the user does not click the link, the trigger is activated instantly or over a grace period. Activation involves sending emails with specific instructions. This is what O’Brien believes that the QuadrigaCX chief executive has already done. As we mentioned previously in the latest cryptocurrency news, the QuadrigaCX chief executive Gerald Cotten died in India after a complication from Crohn’s disease. The funds cannot be accessed still.
Peter McCormack Sued By Craig Wright After Accusing Him Of Fraud
“Wright maintains that BSV is the real target due to its capacity for massive on-chain scaling, which represents an existential threat to the future of other cryptocurrencies, the flawed design of which prevents them from scaling to meet the needs of a truly global financial platform.”As previously reported in our latest cryptocurrency news, major crypto exchanges such as Kraken and Binance already delisted Bitcoin Satoshi Vision after Wright took a similar action as towards Peter McCormack only this time to the Twitter user Hodlonaut who initiated the Lightning Torch. Kraken delisted BSV for the same reason and so did the crypto swap service ShapeShift. The only one not delisting the coin is the OKEx crypto exchange.
Binance Chain Launch: Expected Mainnet Swap Set For April 23
"Binance Chain launches its mainnet and plans to execute Mainnet Swap on April 23, 2019.Please note that all dates are only our best estimates and are subject to change depending on how things progress. Please stay tuned for any updates during this period."The Binance Chain launch will also see Binance producing blocks with consensus from the genesis block as of today - and its native coin BNB is planned to be issued in the genesis block. Along with the launch, the exchange provided details for the conversion of ERC-20 based BNB tokens into native Binance Chain-based BNB (BEP2) coins. As such, the exchange emphasized that it will not support the withdrawal of ERC-20 BNB tokens after April 23. Both Binance Chain Explorer and Web Wallet will be available to selected partners in the beta testing mode and are expected to be opened to public access "around April 23, 2019" according to the announcement. What's even more specific in this coming altcoin news is the fact that Binance is planning on releasing more BEP2 coins as more users convert their ERC-20 BNB coins to BEP2 BNB with the Binance Chain launch, while the proportional amounts of the ERC-20 BNB tokens will be burned while "keeping the total supply across both networks constant," as the exchange noted. Currently, Binance is the third largest cryptocurrency exchange in the world. The Q1 2019 profits of the business recorded an increase of 66% compared to the previous quarter, as reported by many best cryptocurrency news sites. In another report, it is shown that Binance earned $78 in Q1 profits due to a massive growth in its over-the-counter platform. Recently, one charity arm of Binance said that it would launch a crypto donation channel to suppor the reconstruction of the Notre Dame cathedral.
Huobi Crypto Exchange Adds Three Trading Pairs For XRP In The USA
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- QuadrigaCX Chief Executive Feared For His Life According To A Close Friend
- Peter McCormack Sued By Craig Wright After Accusing Him Of Fraud
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