On July 25th the head of the US Commodity Futures Trading Commission (CFTC) Chris Giancarlo spoke to the House of Agriculture Committee.
He mentioned that the CFTC is eager to increase monitoring and controlling electronic coins and other breakthrough products to do with fintech. He reckons that the sphere of electronic coins is now mature enough and impacts the whole financial sphere.
Regulators joining forces
Still, Giancarlo pointed out that investors have to be aware of the high level of risks when dealing with electronic assets sold during ICOs when customers are promised later to be given access to some goods or services.
The chairman mentioned that the CFTC is working with the Securities and Exchange Commission (SEC) to eliminate crypto fraudsters. These two agencies are about to start collaborating to hasten the data exchange between each other.
Overseas regulators are also taking part in this collaboration– i.e. the International Organization of Securities Commissions.
CFTC focus points
The CFTC official pointed out that regarding electronic coins control the CFTC is working particularly on a few issues, among which are staff competency, consumer education, etc.
The chairman also mentioned that the bill by Austin Scott from the US Congress would be of great help to the CFTC regarding cooperation with tech developers, including the creation of regulatory nodes on various Blockchain platforms.
Godfrey Benjamin
Alex Dovbnya
Dan Burgin