Christopher Giancarlo, the commissioner and acting chairman of the U.S. Commodity Futures Trading Commission (CFTC), called on the regulators and agencies to speed up their process in supporting distributed ledger technology and fintech innovation. Giancarlo has seen the digital financial markets as “one of the biggest threats to economic stability and functioning world markets”.
He also listed five key elements that needs special consideration for making market reform work in the U.S., including “providing customer choice in trade execution, fixing swaps data reporting, achieving cross-border harmonization, encouraging fintech innovation, and cultivating a forward thinking regulatory culture”. Giancarlo recommended U.S. financial regulators to study cases in which other countries had successfully regulated the digital markets, with “first, do no harm” as his top-most instruction.
Though Giancarlo only expressed his personal idea, not represented any of his fellow commissioners, CFTC staff or U.S. government agencies, he did make an important point on how should U.S. government catch up to the biggest trend happened in financial markets during the 21st century. Unlike other technology and economics developed countries, U.S. is lagging its jurisdictions in promoting fintech, which is unexpected, over-conservative and inconsistent with other domestic and international regulations it had made.
Source: https://www.cryptocoinsnews.com/cftc-chairman-calls-agency-support-blockchain-fintech-innovation/