The Commodity Futures Trading Commission (CFTC) has named one of its leaders as the new sponsor for its technical advisory committee – and he wants to see it work on issues around blockchain.
Commissioner Brian Quintenz, the agency announced yesterday, will act as the sponsor for the body, which provides input on various regulatory matters. According to the CFTC, the committee hasn't met since February 2016 – during which time members discussed the impact of blockchain – and Quintenz said he hopes to change this state of affairs.
In both an initial statement and in follow-up remarks, as reported by news service GlobalCapital, Quintenz pointed to distributed ledger tech (DLT) as a key area on the CFTC's radar.
He said in a statement:
Blockchain, he said during an event on Monday, "is on the verge of creating a sea change in contract design, reporting and settlement," according to GlobalCapital.
Among the CFTC's leadership, Quintenz is far from alone in his blockchain bullishness.
J Christopher Giancarlo, who currently serves as chairman of the CFTC, has said that he believes the US government needs to rethink its approach to blockchain.
"For regulators, DLT may help transcend the fragmented regulatory structure by providing reference to a single, verified record of all financial transactions across regulated markets," he wrote in a CoinDesk op-ed last December. "In order for this technology to flourish, however, regulators must come together and set uniform principles to encourage DLT investment and innovation."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.