The definition of “commodity” under the CFTC’s authorizing statute could be read to include Bitcoin, in which case the CFTC would have authority to bring enforcement actions against anyone who attempts to manipulate the virtual currencyBeyond Currencies
“If [Bitcoin] works, we can re-implement the entire financial system as a distributed system as opposed to a centralized system. We can reinvent the entire thing.” … Bitcoin or similar technologies can be used as platforms for financial innovation in the digital transfer of currency, securities, contracts and sensitive information. Such innovation could play a fascinating role in the derivatives markets as well as financial services more broadly, as Mr. Andreessen suspects.The CFTC then seems to believe that Bitcoin has potential to recreate many of the financial industry systems. Several experts also believe that most of the futures regulation that the CFTC oversees could be written as smart contracts on the Bitcoin blockchain, thus making it unnecessary to explicitly regulate Bitcoin futures contracts.
Rarely can derivatives regulators anticipate a new market’s potential benefits while devising an appropriate regulatory framework. But virtual currencies such as Bitcoin, and other competing protocols and related technologies, represent such an opportunity.
The Chamber of Digital Commerce has announced a new member to the organization’s advisory board. Mark Wetjen, head of global policy for the Depository Trust & Clearing Corp. (DTCC) is joining ... Wetjen wrote that under the CFTC’s authorizing statute, the definition of “commodity” could be read to include Bitcoin, in which case the commission would have the authority to bring enforcement actions against any individual who attempts to manipulate Bitcoin. He said the commission “certainly has a responsibility to ensure to the greatest extent the integrity of the derivatives ... In conclusion, Commissioner Wetjen explained that “The discussion will be relevant in helping the CFTC and the public better understand the potential benefits that Bitcoin or Bitcoin-like protocols and technology – as opposed to the crypto-currency itself – could bring to the derivatives marketplace. Settlement and other trustee-like services are at the core of the bitcoin-technology ... LedgerX, an institutional bitcoin trading and clearing platform, announced this week that Mark Wetjen, the ex-commissioner of the U.S. Commodity Futures Trading Comission (CFTC), will join its board. Nominated by President Barack Obama in 2011 and unanimously confirmed by the Senate as one of the five CFTC commissioners, Wetjen both helped to implement the first ... BitCoin News. Bitcoin; Ethereum; Alt Coin; ICO; Blockchain; Mining; Regulation; Scam; More. Entrepreneurs; Contact us; Home LedgerX Board Member and Former CFTC Chair Named CEO of Miami Futures Exchange wetjen-3.jpg. wetjen-3.jpg - Advertisement - Get in touch. 567 Followers Follow. 388 Followers Follow. 1,661 Followers Follow ...
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As money becomes digital, we must create new thinking and direction for oversight and regulation that combines growth in both security and commerce. This panel brings together thought leaders and ... BBT Carter takes the group through the discussion heard at the ACT-IAC Accelerating Government Blockchain Conference in Washington D.C. 20 Sept. Agenda: Keyn... The DTCC Blockchain Symposium 2016 brings together leading experts to cut through the hype and discuss collaboration, use cases and innovations on March 29 at the Grand Hyatt New York. Featuring ... Calvery, Wetjen, Levitt, Newsome on Bitcoin Regulation Coin Center. Loading... Unsubscribe from Coin Center? ... NBC News Now (Live Stream) NBC News 15,336 watching. Live now; How to Earn Millions ... Top current and former senior government officials shared high-level views on the evolving policy landscape for digital currency and blockchain technologies. Moderator: Jerry Brito, Coin Center ...