Fintech To Be Handled With Open Mind Says CFTC Commissioner

Oct 27, 2018 at 20:30 Update Date :Oct 27, 2018 at 20:30 UTC

At the International Swaps and Derivative Association (ISDA), a commissioner of the Commodity Futures Trading Commission (CFTC) emphasized the role of blockchain in financial markets and called handling fintech including crypto and blockchain with an ‘open mind’.

He told the audience that he is indeed surprised by the time he spent on examining BTC, distributed ledger technology (DLT), Artificial Intelligence (AI), cloud-based programming and other crypto assets.

The CFTC, a regulatory agency, knows very well the working of new technology and how it can impact the market all over the world by helping innovators access financial networks.

The commissioner further said that he now knows that innovation is the key and how it allows other to be creative and follow their missions and dreams.

While highlighting the applications of DLT, he said about the possible use cases of DLT from healthcare to agriculture, CryptoKitties to dogecoin and finance to art. According to him, innovations have more to offer than just technology. Innovations inspire us to find ways for the problems and hurdles. Moreover, they are fun.

Later spoke about his tour of learning more about issues like BTC, Artificial Intelligence, DLT, and cloud-based programming in order to better understand the latest technology.

He wishes not to be a typical regulator on the tail end of advanced technology. He has no single aim in the mind. His interests spark by keeping pace with the new innovations that capture the market efficiency, opening market doors for the new innovative products, and rewarding those to take a risk in life.

In the whole year, both the CFTC and U.S. regulation authority SEC have found themselves in the limelight regarding the crypto space.

In August, the Securities and Exchange Commission rejected a raft of BTC exchange-traded fund (ETF) and now proclaiming with prospective operators who are trying to solve the concern of the agency about their offerings.

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