The Chief Innovation Officer of the Commodity Futures Trading Commission (CFTC) and inaugural director of the LabCFTC, Daniel Gorfine, recently had an interview with Forbes, where he discussed all the important issues that relate to the blockchain and crypto industry.
These included topics that ranged from the importance of collaborating with innovators – up to the obstacles that are currently faced by the regulators in the industry. As Gorfine mentioned a couple of times, there has never been a greater need for common sense regulation in the crypto industry as there is now – which is mainly due to the popularity of the industry itself.
What’s most interesting of all is the position of CFTC – which is seen as if the organization is the greatest ally to the crypto industry in the US government – mostly because of the respectful, consistent and well-balanced approach towards the common sense industry regulators. In that way, the regulatory agency is continuing to take steps to work with the innovators and industry leaders, all in order to develop beneficial regulatory policies.
Daniel Gorfine stressed this and explained why innovators in emerging industries – like crypto and blockchain – are always willing to work with regulatory authorities and build better regulations for the industry.
He also explained what LabCFTC is all about, stating the following:
“We’re starting see more granular questions and next level of engagement on certain models. I will add that we started getting, around the later part of last year, questions around CFTC jurisdiction in the virtual currency space, and that’s a big reason why we published the virtual currency primer that we did last October.”
While talking to Forbes, Gorfine also noted that the regulatory agency has not encountered many challenges when it comes to implementing the actual measures for the crypto industry. As he said:
“We haven’t faced a lot of barriers per se because I think there’s such a clear recognition from an agency perspective to be keeping pace and make sure that we have the right tools and understanding to be able to regulate where our markets are moving. So from an internal perspective, we’ve had a lot of support, and I think it starts with CFTC Chairman Chris Giancarlo…When you have the support of leadership, that goes a long way.”
Gorfine concluded that the regulatory group has been very successful so far, stating:
“I think we’ve been able to accomplish a lot of what we wanted to, and where we couldn’t, we’ve been able to say ‘Hey, here are some areas we can at least identify that we feel we have some limitations.’”
What’s encouraging for many is that in times when the markets are collapsing mainly because of the lack of regulation, people like Gorfine are heading these organizations – and are always willing to collaborate with industry leaders and therefore bring crypto and blockchain to a better future.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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