The CFTC does not intend to interfere in the cryptocurrency market relying on self-regulation.

Behind us, awaited with considerable attention by the cryptocurrency community, the meeting of the Technology Advisory Committee, U.S. Commodity Futures Commission [... https://www.pinterest.com/pin/1085437947660215829/

The highly anticipated meeting of the Technology Advisory Committee of the Commodity Futures Trading Commission (CFTC) on cryptocurrencies and blockchain technology is behind us.       Behind us, awaited with considerable attention by the cryptocurrency community, is a meeting of the Technology Advisory Committee, U.S. Commodity Futures Trading Commission (CFTC) on cryptocurrencies and blockchain technology.   The discussion included individuals representing both the public and private sectors. Issues related to the potential of blockchain technology were addressed - here the largely enthusiastic tone of the interlocutors was prevalent, appreciating the potential of distributed ledger technology, both for broad economic and business terms and for public sector administrative solutions.   Cryptocurrencies were also looked at, there was talk of Bitcoin and even its forks.   Participants in the deliberation emphasized that there are already over 1,500 different cryptocurrencies on the market today (citing CoinMarketCap.com data here).   For the most part, however, cryptocurrencies were analyzed from the perspective of their exchange markets. Here, the discussion of potential regulation was naturally not to be missed.   The declaration of Brian Quintenz, a Republican member of the CFTC, calling on the cryptocurrency trading industry to work on creating "self-regulatory" systems and at the same time for the commission to refrain from excessive interference in the market, seems significant in this regard.   "The commission should not try to make value judgments about which new products are valuable and which are not - the markets, investors and consumers must decide that for themselves," Quintenz stressed.   Not everyone was in agreement on the matter, however, including CFTC members themselves. Some of them tried to emphasize the need for new, top-down regulations to properly align the use of technology with the realities of the financial sector.   "Futuristic visions of regulatory oversight must embrace the ever-evolving and maturing distributed ledger technologies," said Dan Busca, deputy director of the CFTC's Division of Market Oversight, adding: "A belated attempt to align a system with regulatory requirements is often costly and inadequate."   Busca also touched on the very sensitive issue of using blockchain technology as a potential, very useful, tool in the hands of lawmakers and regulators: "The evolution of distributed ledger technology could allow regulators to, unimpeded, access data every time a business transaction is made on a particular blockchain, without the need for human intervention or intermediation."   There was a very important statement made at the committee (which our Polish officials unfortunately do not understand) that Blockchain and cryptocurrencies are inextricably linked. Too strict restrictions may stop the technological progress based on Blockchain, which is currently one of the most popular, developed and recognized as one of the most important technologies in the world.     The most tangible outcome of the CFTC's deliberation, however, appears to be the passing of a motion to establish two separate, specialized subcommittees - one on cryptocurrencies and one to explore the broader aspect of blockchain technology use in the financial space. Thus, the CFTC's Technology Advisory Committee has made it clear that it intends to further intensify its work in this matter.   The price of bitcoin and cryptocurrencies reacted positively to the CFTC findings. Previously, there were fears of strict regulation, meanwhile, the commission suggests self-regulation of the market and does not intend to interfere in it.   Tags CFTC law regulations United States