CFTC Discusses Cryptocurrency Regulation And Blockchain Implementation
The Consultative Committee on Technologies of the Commodity Futures Trading Commission (CFTC) in US held a discussion devoted to blockchain technology. The report summarising the results of the meeting was published on the official website of the regulator.
Representatives of the advisory committee made several presentations on digital currencies and decentralized technologies. In particular, Peter Van Valkenburgh, director of research at the Coin Center, spoke about the mechanisms of consensus in blockchain systems. His speech was continued by the CFTC spokesman Brian Quintenz, who stated that the intention to change the Proof-of-Work consensus to the Proof-of-Stake algorithm in Ethereum has the risks of fraudulent activities or even blockchain hacking.
Members of the Jurisdiction Working Group of the American Bar Association made a presentation on digital asset management issues in the United States and around the world. Representatives of the technology and infrastructure committee told about the level of blockchain integration by governments, gave examples of the use of distributed technologies in different areas, and considered priority industries and fields in which the CFTC could facilitate the introduction of decentralized systems.
As previously reported, the former chairman of the CFTC and Harvard employee Timothy Massad published a report entitled “It Is Time To Strengthen Regulation Of Crypto-Assets” that lists the arguments for stricter cryptocurrency regulation.