CFTC Commissioner Cites CryptoKitties, Dogecoin When Talking DLT Uses

CFTC commissioner Rostin Behnam emphasized that regulators must understand distributed ledger tech before regulating it.

AccessTimeIconOct 26, 2018 at 6:30 p.m. UTC
Updated Sep 13, 2021 at 8:32 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

A commissioner of the Commodity Futures Trading Commission (CFTC) spoke positively about the potential uses for blockchain while emphasizing how his agency must respect its role in financial markets during a meeting of international regulators on Thursday.

CFTC Commissioner Rostin Behnam called for "an open mind" with regulating the financial technology space, highlighting a number of applications for distributed ledger technology (DLT) in particular during a speech at the 2018 International Swaps and Derivatives Association (ISDA) Annual Japan Conference in Tokyo.

Regulatory agencies such as the CFTC must better understand how new technologies work and how they might impact global markets in order to help innovators safely access financial networks.

"I have come to understand that innovation at the edge allows others to be creative and pursue their dreams and missions," he said, adding:

"Just take a moment to think about all the possible use cases for DLT from agriculture to healthcare, finance to art, CryptoKitties to dogecoin. These innovations are more than just technology: They inspire us to find solutions for every problem or hurdle we encounter — and sometimes, they are just fun."

Behnam added that he underwent a "listening tour" to learn more about issues around bitcoin and other crypto assets, DLT, artificial intelligence and cloud-based programming as part of an effort to better understand new technologies.

"I had no single goal in mind, just a desire to avoid being the typical regulator on the tail end of technological advancement, scurrying to keep pace with swift innovations that capture market efficiencies, open markets to new products and participants, and often reward those willing to take risk," he explained.

The results of his tour now inform his view on the ecosystem, he said.

CFTC emblem image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, 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.