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.
The Market Is Still Dominated By Centralized Exchanges Despite The Increase In DEX
Saudi Arabia And UAE Officially Launched A Pilot Cryptocurrency
‘’The virtual currency relies on the use of a distributed database between the central banks and the participating banks from both sides. It seeks to safeguard customer interests, set technology standards and assess cybersecurity risks. The project will also determine the impact of a central currency on monetary policies.’’The financial institutions in the countries have thoroughly studied the blockchain technology and are hoping to have great benefits. Back in December 2018, UAE’s Securities and Commodities Authority recognized ICOs as securities and they also announced to be working on a regulatory framework for 2019. UAE’s Emirates Islamic Bank also tested the blockchain and even started submitting cheques on a blockchain named ‘’Cheque Chain’’ and since it has proven to be successful, the bank registered one million cheques in 2018 in only a month.
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
“Bitcoin Is The Only Blockchain That May Exist For The Next 100 Years” : Alistair Milne
“The probability that Bitcoin matches its ATH [all-time high] price again and doesn't then continue past it seems very low. Each wave of adoption is an order of magnitude bigger than the last,” Milne wrote in the Twitter thread that he started on Saturday.Meanwhile, Bitcoin suffered another drop which took it below $3,500, giving less optimism to traders hoping for a new bull run. The new downturn has led to many accusations from high-profile economics figures. However, Milne continued expressing his optimism and said:
“The next bull run will decide which public blockchains persist for the next 100 years. I believe Bitcoin is currently the *only* sure thing[.]”Aside from this, Milne also highlighted the interest by institutional investors and labeled Bitcoin's profile as the "gold 2.0" in the next round of adoption.
Join us on Facebook
- Bitcoin ATMs Number Keeps On Increasing, The Question Is Why?
- The Market Is Still Dominated By Centralized Exchanges Despite The Increase In DEX
- Saudi Arabia And UAE Officially Launched A Pilot Cryptocurrency
- Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official
- UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Altcoin News3 days ago
Stellar’s XLM Token Added To Greyscale’s Crypto Investment Trust Fund
Regulation3 days ago
South Africa Doesn’t Intend On Banning Crypto Trading
Blockchain News3 days ago
SEAT Car Manufacturer To Start Working On Blockchain-Based Products Development
Bitcoin News3 days ago
Bitcoin ATM Operator Coinme To Start Selling BTC At Coinstar Counting Machines
Blockchain News3 days ago
Deloitte Features Blockchain In Its Annual Tech Trends Report
Altcoin News3 days ago
Binance Plans To Expand To Eight New Countries But Declines To Confirm Six Of Them
Bitcoin Scams4 days ago
21-Year Old Accused Of Stealing More Than $24 Million Worth Of Crypto