The definition of “commodity” under the CFTC’s authorizing statute could be read to include Bitcoin, in which case the CFTC would have authority to bring enforcement actions against anyone who attempts to manipulate the virtual currencyBeyond Currencies
“If [Bitcoin] works, we can re-implement the entire financial system as a distributed system as opposed to a centralized system. We can reinvent the entire thing.” … Bitcoin or similar technologies can be used as platforms for financial innovation in the digital transfer of currency, securities, contracts and sensitive information. Such innovation could play a fascinating role in the derivatives markets as well as financial services more broadly, as Mr. Andreessen suspects.The CFTC then seems to believe that Bitcoin has potential to recreate many of the financial industry systems. Several experts also believe that most of the futures regulation that the CFTC oversees could be written as smart contracts on the Bitcoin blockchain, thus making it unnecessary to explicitly regulate Bitcoin futures contracts.
Rarely can derivatives regulators anticipate a new market’s potential benefits while devising an appropriate regulatory framework. But virtual currencies such as Bitcoin, and other competing protocols and related technologies, represent such an opportunity.
BitCoin News. Bitcoin; Ethereum; Alt Coin; ICO; Blockchain; Mining; Regulation; Scam; More. Entrepreneurs; Contact us; Home LedgerX Board Member and Former CFTC Chair Named CEO of Miami Futures Exchange wetjen-3.jpg. wetjen-3.jpg - Advertisement - Get in touch. 567 Followers Follow. 388 Followers Follow. 1,661 Followers Follow ... In conclusion, Commissioner Wetjen explained that “The discussion will be relevant in helping the CFTC and the public better understand the potential benefits that Bitcoin or Bitcoin-like protocols and technology – as opposed to the crypto-currency itself – could bring to the derivatives marketplace. Settlement and other trustee-like services are at the core of the bitcoin-technology ... Wetjen wrote that under the CFTC’s authorizing statute, the definition of “commodity” could be read to include Bitcoin, in which case the commission would have the authority to bring enforcement actions against any individual who attempts to manipulate Bitcoin. He said the commission “certainly has a responsibility to ensure to the greatest extent the integrity of the derivatives ... Blockchain Infrastructure Mark Wetjen Joins the Chamber of Digital Commerce. The Chamber of Digital Commerce has announced a new member to the organization’s advisory board. The Chamber of Digital Commerce has announced a new member to the organization’s advisory board. Mark Wetjen, head of global policy for the Depository Trust & Clearing Corp. (DTCC) is joining ...
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The DTCC Blockchain Symposium 2016 brings together leading experts to cut through the hype and discuss collaboration, use cases and innovations on March 29 at the Grand Hyatt New York. Featuring ... Calvery, Wetjen, Levitt, Newsome on Bitcoin Regulation Coin Center. Loading... Unsubscribe from Coin Center? ... NBC News Now (Live Stream) NBC News 15,336 watching. Live now; How to Earn Millions ... Cryptocurrencies multiplied in value and gained widespread attention throughout 2017. However, this is only the beginning. This panel will delve into the obj... Top current and former senior government officials shared high-level views on the evolving policy landscape for digital currency and blockchain technologies. Moderator: Jerry Brito, Coin Center ... BBT Carter takes the group through the discussion heard at the ACT-IAC Accelerating Government Blockchain Conference in Washington D.C. 20 Sept. Agenda: Keyn...