- within Intellectual Property, Food, Drugs, Healthcare, Life Sciences and Transport topic(s)
In his opening statement before the CFTC Technology Advisory Committee, Commissioner Brian Quintenz highlighted ongoing topics for consideration and crypto-currency self-regulatory efforts.
Mr. Quintenz identified:
- attempts to address the CFTC's "redundant" audit trail requirements, which create excessive costs and force market participants to store "massive" amounts of the same data;
- stablecoins having the ability to function as viable liquid mediums of exchange through tokenization, in addition to serving as "enablers" of smart contracts;
- the use of ISDA common domain code for the trade reporting of swaps;
- how insurance underwriting standards are serving to encourage best practices for cryptocurrency custody; and
- the desired development of a self-regulatory organization for crypto-assets.
Mr. Quintez also praised "efforts to create SRO-like governance structures for the digital asset and cryptocurrency trading marketplace." He noted "the lack of federal market regulatory oversight in the digital asset trading environment," and called for the creation of "a private sector, multi-platform-based solution to furthering market integrity through an SRO-like organization."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
[View Source]