Amongst the many factors that are transforming the global financial market, cryptocurrency and blockchain were singled out by the outgoing CFTC Chairman in a March 14, 2019 speech.
However, it has become clear that the commission does acknowledge crypto and blockchain’s Influence on the industry, at least that is what can be deciphered from Christopher Giancarlo’s final speech as the CFTC chairman on March 14, 2019. This took place at the 44th Annual International Futures Industry Conference where Giancarlo gave an address titled, “Improving the Past, Tackling the Present, and Advancing to a Digital Market Future.”
During his speech, Christopher Giancarlo stated that the agency’s fintech innovation hub LabCFTC acts as their stakeholder in the evolving financial market.
Touching on said evolution within the market, he noted that the disintermediation of traditional actors and business models were key factors that challenged the already existing regulatory models. The business market, he added, is being transformed by a number of factors, which include blockchain and cryptocurrency.
As a means of coping and staying on top of the ever-changing market, the CFTC established its fintech center which acts as its own stakeholder in the market. By being directly involved, they are able to see the changes happening from the point of view of both a regulatory body and a market participant. This way, better regulation can take place.
Since its inception two years ago, the LabCFTC has engaged in over 250 interactions with both large and small innovators, as well as conducting lab hours across the world.