The head of the Commodity Futures Trading Commission told Congress his agency is “falling behind” on blockchain compared with other nations, specifically calling out the Bank of England’s blockchain efforts.
Chairman J. Christopher Giancarlo, answering a question on blockchain during a hearing of the House Committee on Agriculture, said the reason the CFTC lags is simple: the CFTC’s own rules.
According to Coindesk, he told the committee the regulator couldn’t operate a node on a blockchain operated by a banking consortium because the sharing of information and data is considered a gift and therefore is something the CFTC can’t accept.
The CFTC is limited to regulating commodities and futures contracts, as well as fraud and manipulation, Giancarlo said. However, he added, the “amount of ink that’s devoted to [cryptocurrency] far outweighs their real role in the economy.” Read more here.