08 July, 2020 | AtoZ Markets – Heath Tarbert, who became Chairman of the CFTC only a year ago, is a well-known supporter of crypto and digital asset. Yesterday, in an interview with predecessor Jim Newtham, Heath Tarbert promised to clarify more crypto regulation. He hopes that the CFTC will “stay ahead of the curve by reacting more quickly to changes in technology and the marketplace.”
CFTC Chairman Concerns About Crypto Regulation
He said he was not satisfied with the current crypto regulatory framework. He also widely advocated financial regulation based on broader principles. Moreover, he said “Once you start seeing more clarity on whether something is or is not a security, you will start seeing more futures listed on digital assets. I don’t think I can say that we’re a leader from the regulatory standpoint. I do think we’re a leader from a technological standpoint.”
Tarbert argues that digital markets and crypto are areas where his preferred regulatory style is particularly valuable. He said, “Another area where principles-based regulation is generally appropriate is concerning developments in financial technology (fintech), including blockchain and digital assets."
Mr. Tarbert also explained the differences between the CFTC and the Securities and Exchange Commission (SEC). He said, “if a digital asset is a security that is the sole province of the SEC. If it’s not security, then we can start taking it under our own purview". He also added, “Regulators and governors care about borders, but technology doesn’t. So really for this field to reach its full potential, we need international cooperation.”
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