‘We Should Not Scurry to Keep Pace With Fintech’ – CFTC Commissioner

A newly elected commissioner at U.S. regulator the Commodity Futures Trading Commission(CFTC) stated that fintech – including blockchain and cryptocurrency – should be handled with an “open mind” during a speech on Oct. 25.

Rostin Behnam revealed he had spent much of that time focusing on issues related to disruptive fintech. “I am surprised by the amount of time I spent examining issues related to bitcoin, crypto assets, distributed ledger technology (DLT), artificial intelligence, and cloud-based programming,” he told the audience.

He also discussed about the potential use cases of DLT, such as blockchain, listing the range “from agriculture to healthcare, finance to art, CryptoKitties to Dogecoin.”

“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.”

Rostin’s remarks come in light of both the CFTC and fellow U.S. regulator the Securities and Exchange Commission (SEC) having increasingly found themselves in the spotlight regarding the cryptocurrency industry this year.

Link to original article here.

 


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Bank of Hodlers is building a customer-centric bank on the blockchain, by providing financial services like cryptocurrency-backed loans and cryptocurrency-backed cards.

We have recently launched our asset-backed lending product where you can earn interest on your BTC, ETH, TUSD and DAI. You also have the option to borrow DAI against Ethereum. You can sign up to the platform by clicking here: app.bankofhodlers.com/register.

 

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