SEC And CFTC Hearing On Blockchain And Distributed Ledger Technology

Earlier this month the United States Committee on Banking, Housing, and Urban Affairs met in open session to conduct a hearing entitled 'Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission'. The United States Security and Exchange Commission (SEC) and The Commodities Futures Trading Commission (CFTC) were present as witnesses to discuss their relative roles with respect to Blockchain, ICOs (Initial Coin Offerings) and virtual currency regulation in general. Prior to the hearing, testimonies from each of the parties were released wherein some light was shed on the overall stance adopted by these two entities towards the matters in question. In his written testimony, CFTC chairman Hon. Christopher Giancarlo conveyed considerable enthusiasm with regards to Blockchain and Distributed Ledger Technology (DLT) highlighting many potential benefits which can be derived from applying such