Earlier this week, a new commissioner at the US Commodities Futures Trading Commission (CFTC) called for an open-minded approach towards new fintech innovations including cryptocurrencies and blockchain. He also believes that the regulators should avoid scurrying around trying to keep up with regulations on the industry.
Rostin Behnam, the commissioner in question, made these comments in a speech he gave during the 2018 International Swaps and Derivatives Association (ISDA) annual conference in Tokyo, Japan. He also revealed that he spent most of his time in his capacity trying to resolve issues related to cryptocurrencies.
He said:
“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 continued and spoke about the potential use cases of DLT for blockchain from agriculture, healthcare, finance to art, Cryptokitties to even Dogecoin.
Before now, some regulators had also come forward in favor of the new fintech space. However, several others had also spoken against giving more freedom to blockchain enterprise. So, there is an internal tussle going on between the regulators regarding the future of the regulatory outlook in the US.
While the other regulator SEC, has clamped down hard on new blockchain and crypto startups including a recent ban on ETFs, it may soften its stance in the near future.
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