CFTC Chairman urges the United States to take a more active role in the blockchain race despite the fact that the industry lacks clarity. Heath Tarbert attended a conference this Tuesday and shared his view on the blockchain industry in the country as we are reading further in the blockchain news today.
The CFTC chairman urges the US to be more active and lead the blockchain race if possible. The US regulatory landscape is heavily polarized and uncertain and Tarbert believes that the issue lies in the fact that the state and federal agencies are both trying to gain oversight of the markets. He believes that the environment has to become more welcoming towards emerging technologies and innovation.
Tarbert revealed that the desire to create a stable regulatory landscape comes because of the CFTC’s employees’ choice to make one of the agency’s core values look more ‘forward-looking.’ In order to achieve the new goals, he admitted that the CFTF is talking with the US SEC almost every day and furthermore the agency has been working on multiple questions regarding the digital assets space on an international level.
The CFTC chairman revealed that the new viewpoint of the agency on digital assets and blockchain technology could bring a huge change to the financial system of the world. However, the CFTC also believes that the United States should become the leaders in the space which is not the case currently. The US is now being left behind since other countries such as Malta, China, Japan, and South Korea are making huge advancements in the field.
Tarbert believes that the US has the means to become the leader in blockchain technology and that Congress has to answer some of the most important questions regarding the rise of cryptocurrencies. The chairman admitted that there are a few proposed bills that can provide bigger clarity but there was not a lot of movement in the area.
The CFTC chairman even mentioned the CFTC’s Reauthorization Act of 2019 saying that it is a good step but a very small one, indicating that he is not really happy with the results. He still believes that the inclusion of cryptocurrencies as a part of the Act is a good step further.
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