One chairman at the US Commodity Futures Trading Commission (CFTC) named J. Christopher Giancarlo recently discussed the cryptocurrency news centered around regulation, highlighting the importance of distributed ledger technology (DLT) and its power of automating regulations for derivative markets.
Giancarlo spoke at the DC Fintech Week Conference at Georgetown University this Wednesday and proved that fintech is a rising industry with many new business models for finance. This high-profile financial regulator believes that DLT-powered Quantitiative Regulation, could help regulators to oversee markets in a more efficient way all while saving costs.
As he said, combined with machine learning algorithms, the blockchain-related technology can be employed to identify the segments of markets where high risks of unrecognized counterparty vulnerabilities are rising.
“We can also envision the day where rulebooks are digitized, compliance is increasingly automated or built into business operations through smart contracts, and regulatory reporting is satisfied through real-time DLT networks,. The machines here at the CFTC would have the ability to communicate regulatory requirements and consume and analyze the data that comes in through such systems.”
As he also put, CFTC is looking into an active form of regulation which can respond to real-time challenges that are posed by new technologies. In this manner, he mentioned decentralized markets and disintermediated traditional actors while referring to the challenges.
He also confirmed that the CFTC has “the ability to keep pace with those who attempt to defraud, distort, or manipulate,” and with that hinted that it may have already started building systems that will automate derivative market regulations.
According to Giancarlo, the machine learning and DLT systems could for one digitize rules and regulations and for two – consume, process and analyze data in real time.
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“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
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“We describe an extension to Zether that can also hide the sender and receiver involved in a transaction among a group of users chosen by the sender. Though the overhead associated with anonymity scales linearly with the size of the group, no trusted set-up is needed and no changes to the underlying smart contract platform are required.”The report specifies that the Zether contract will never transfer funds without checking a transfer proof in order to prevent illegal transfers. This new design makes sure that the security of Zether depends on itself and not on third-parties or outside smart contracts. All of the privacy coins that provide users with a higher level of anonymity are still receiving mixed feelings from the community. For example, Charlie Lee declared he is focused on making Litecoin more fungible and private and to implement confidential transactions sometime in 2019.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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