CFTC Chair J. Christopher Giancarlo outlined how the agency is attempting to
address new technology and business models.
In a speech at the Italian Companies and Exchange Commission
(CONSOB), Mr. Giancarlo stated that the current period of
innovation poses unique challenges. Specifically, regulators are
struggling to address (i) the increased speed of innovation in new
models and products, as well as their public adoption, (ii) the
decentralization of traditional intermediaries in relation to
crypto-related activities and (iii) the heightened levels of
technological literacy necessary to understand developing
technologies.
Mr. Giancarlo emphasized that regulators should engage with
these innovations, emphasizing the potential benefits of blockchain
technology for the financial sector. Mr. Giancarlo also outlined
the CFTC's approach to responding to such technological
developments. Specifically, Mr. Giancarlo said that the CFTC:
