Chairman of the U.S. Commodity Futures Trading Commission (CFTC), an independent agency of the US government, J. Christopher Giancarlo has said his agency’s FinTech innovation hub LabCFTC is the internal stakeholder of the regulator in a landscape of exponential technological change and market evolution. He made his remarks during his last appearance as the chairman of CFTC before the 44th Annual International Futures Industry Conference.
During his address on ‘Improving the Past, Tackling the Present, and Advancing to a Digital Market Future’, the chairman recognized the disintermediation of traditional actors and business models as a key factor, which challenges existing regulatory models and segregating Blockchain and Cryptocurrencies as two key phenomena that are changing today’s marketplaces. Commenting on challenges that exponentially change facades for federal regulators, Giancarlo expressed LabCFTC as a cornerstone of the CFTC’s approach established on its own internal stakeholder. According to him, LabCFTC that introduced back in 2017, has had over 250 detach interactions with both big and small size innovators, and conducting lab hours across the United States and globally as well. Giancarlo is supposed to be substituted this year by the U.S. president’s nominee for the CFTC chairmanship, Heath Tarbert, assuming the latter’s confirmation.
On the LabCFTC activities, Giancarlo highlighted that the lab isn’t a regulatory sandbox and doesn’t exempt firms from CFTC regulations, offers an internal and external technological focus. He further noted that the lab’s FinTech cooperation agreements with global regulators in London, Singapore, and Australia, in addition to its publishing of technology primers and public feedback solicitations. Besides, Giancarlo noted that the CFTC is leveraging market-based solutions for innovation, as with its authorization of Bitcoin futures, and is seeking to become a quantitative regulator, wherein it is capable of conducting independent market data analysis across a variety of data sources, such as decentralized Blockchains and networks.”