CFTC Technology Advisory Committee Discusses Crypto and Blockchain Regulations
The Technology Advisory Committee of the U.S. Commodity Futures Trading Commission (CFTC) has been analyzing crypto and blockchain-related regulations at a meeting on March 27. The intention was to analyze different reports related to the crypto space and distributed ledger technology (DLT)
CFTC Discusses Crypto Regulations
Brian Quintenz, CFTC Commissioner, said that there are some important regulatory issues that must be discussed. He specifically mentioned the fact that Ethereum (ETH), the second largest blockchain network in the market, will be transitioning from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus algorithm.
Kathryn Trkla and Charley Mills, two members of the American Bar Association’s Jurisdiction Working Group, talked about a recent report related to the current regulatory state of blockchain technology and cryptocurrencies in different jurisdictions such as Malta and Switzerland, among other countries.
Moreover, there was another report presented by the Distributed Ledger Technology and Market Infrastructure Subcommittee. They addressed how the CFTC could contribute to the enhancement of the blockchain and crypto industries.
In addition to it, this committee has discussed another report related to how to digitize financial transactions and also automate trading processes for companies and firms in the market.
There are different countries that are starting to think about how to better regulate the crypto space without harming the development of these new technologies.
As we reported earlier today at Bitcoin Exchange Guide, the U.S. Uniform Law Commission requested US states to refrain from enacting crypto-related legislations. The main intention is to wait and have more knowledge about the impact that the technologies could have on the market.
Caitlin Long, a recognized Wall Street Veteran, said that authorities in the United States are starting to give DLT the attention that it requires.