certify
Home arrow Article arrow Article Detail

LabCFTC centre will become the Office of Technology Innovation under CFTC remodelling

Profile Image

Indrani bose Follow

INDIA

Jul, 27 2022

Jul, 27 2022

likes | comments 0

Article Image

source Image logo : CFTC.gov

The US Commodity Futures Trading Commission (CFTC) will undergo restructuring. CFTC Chairman Rostin Behnam at the Brookings Future of Crypto Regulation event stated that its LabCFTC will now be known as an Office of Technology Innovation (OTI) 

According to CFTC chairman Rostin Behnam, the United States Commodity Futures Trading Commission (CFTC), the regulatory body that shares primary responsibility for crypto regulation with the Securities Exchange Commission, will undergo restructuring to become more aggressive and comprehensive. The LabCFTC, which was referred to as "the focal point for the CFTC's efforts to promote responsible fintech innovation," will now be known as the Office of Technology Innovation (OTI), which will be directly accountable to the chairman's office. The operating framework of the program will be updated by the new office. 

In a webinar hosted by the Brookings Institute, Behnam stated, that the firm has now engaged in a more proactive and comprehensive effort throughout the agency to regulate these markets using tools currently available to them. Their main policy divisions are directly addressing the ways CFTC can leverage the existing authority so as to bring significant regulatory protections to this market. Behnam also bemoaned the "collective analysis paralysis" of regulators as financial technology advanced rapidly.  

In order to better serve the needs of new retail participants in the market, the Office of Customer Education and Outreach of the commission will be "realigned" within the Office of Public Affairs. To protect vulnerable consumers, Behnam emphasized the importance of public education.  

The agency's crypto-friendly former Chairman Christopher Giancarlo developed LabCFTC as a focal point for its interactions with the fintech and innovation communities. Since the program's launch, the crypto market, according to Behnam, has come into contact with conventional markets, which has brought the problems to the CFTC's attention. Digital assets and decentralized financial technologies have exceeded their sandboxes, as testified in February, according to Behnam's views. 

The Lummis-Gillibrand bill and the Digital Commodity Exchange Act have proposed pieces of legislation that would give the CTFC additional control over the crypto markets. 


likes | comments 0

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.