US Regulator Wants to Adopt Blockchain to Maintain Pace with Market Manipulators

Neutral US Regulator Wants to Adopt Blockchain to Maintain Pace with Market Manipulators

The chair of the U.S. Commodity Futures Trading Commission (CFTC) has said that he wants to adopt blockchain to "keep pace with those who attempt to defraud, distort, or manipulate" financial markets.

CFTC Chairman Giancarlo Envisions Compliance Built into Business Operations Through Smart Contracts

J. Christopher Giancarlo spoke about the use of blockchain and machine learning for regulatory purposes at Georgetown University. The head regulator is confident the digital era will prove to be a positive factor to better oversee financial markets.

"These tools will become even more paramount as emerging blockchain technologies seek to decentralize markets or disintermediate traditional actors. It is critical that we have the ability to keep pace with those who attempt to defraud, distort, or manipulate."

Giancarlo gave several examples of adoption of new technologies at the regulatory level.

These include "using machines to independently identify segments of the markets where concentration risks or unrecognized counterparty exposures are emerging and flag them for staff consideration and action" and "new machine-learning based surveillance tools" designed to "sniff out patterns of likely illegal trading activity or attempts to manipulate markets for enforcement analysis."

The CFTC chair said the ongoing digital revolution in the world's trading markets have far-ranging implications for capital formation and risk transfer. He added that he expects the majority of standard tasks to be managed by machines as automation technologies are paired with blockchain to standardize and distribute data to market actors and regulators.

"We can also envision the day where rulebooks are digitized, compliance is increasingly automated or built into business operations through smart contracts, and regulatory reporting is satisfied through real-time DLT networks. The machines here at the CFTC would have the ability to communicate regulatory requirements and consume and analyze the data that comes in through such systems."

Giancarlo has recently stated that cryptocurrencies "are here to stay" and that many countries across the globe are hungry for functioning currencies, which shows there is a market for digital currencies. He is, however, skeptical about cryptocurrencies' ability to rival the dollar or other hard currencies.

While the U.S. CFTC is yet to adopt blockchain technology to better oversee financial markets, the financial watchdog has won its first Bitcoin fraud action. A New York federal court has ordered Gelfman Blueprint and its CEO Nicholas Gelfman to pay over $2.5 million in civil monetary penalties and restitution over their +$600,000 Ponzi scheme.

Related Reading: CFTC Chair: Cryptocurrencies Have a Future, They Are Here to Stay
Featured image from Shutterstock.

11/09/2018 / 00:00:51 Source: newsbtc

BTC
1 BTC=$4,551.89
XRP
1 XRP=$0.4409
ETH
1 ETH=$134.78
XUC
1 XUC=$3.19
BCH
1 BCH=$261.79
EOS
1 EOS=$3.84

News Feed 50

Blokt Neutral - Dogecoin [DOGE] Returns to Key Support, Dips Slightly Below read more.
11/21/2018 / 16:49:37
Coinnounce Neutral - Ethereum no longer profitable for miners read more.
11/21/2018 / 16:48:49
Ccn Neutral - Bitcoin Cash: BSV Backer Calvin Ayre Now Wants a Permanent Split read more.
11/21/2018 / 16:48:23
Bitcoinmagazine Neutral - Colorado State Commissioner Issues New Cease-and-Desist Orders Against Four Crypto Firms read more.
11/21/2018 / 16:23:26
Blokt - Ripple’s XRP Sees Volatile Price Action As Market Bounces read more.
11/21/2018 / 16:19:03
Bitcoin.Com Neutral - ETH Mining Not Profitable, Miner Heats Home With ASIC Rigs read more.
11/21/2018 / 16:15:03
Bitcoinmagazine Neutral - Price Dip Aside, Paxful Anticipates Big Week of Gift Card-to-Bitcoin Trades read more.
11/21/2018 / 16:12:36
Coindesk Neutral - Circle’s Dollar-Tied Stablecoin Fully Backed, Auditor’s ‘Attestation’ Says read more.
11/21/2018 / 16:02:45
Cryptoglobe Neutral - Bitfury Appoints Former SEC Commissioner & Korelya Capital Founder As Board Members read more.
11/21/2018 / 16:00:00
Coinspeaker Neutral - Four Reasons Why Bakkt May Be the Biggest Bitcoin Catalyst Since 2008 read more.
11/21/2018 / 15:58:26
Trustnodes Neutral - DAI Moved Nearly $200 Million Worth of Decentralized Tokenized Dollars read more.
11/21/2018 / 15:54:19
Coinspeaker Neutral - How Plasma and Digitex Will Accelerate Crypto’s Mass Adoption read more.
11/21/2018 / 15:41:50
Cryptoinsider Neutral - Airdrops reconsidered: free XLM on Blockchain’s Wallet read more.
11/21/2018 / 15:41:49
Livebitcoinnews Neutral - IBM and Columbia University Launch Blockchain Accelerator Programs read more.
11/21/2018 / 15:30:49
Ccn Neutral - Bitcoin Price Crash Not Caused By SEC Actions, Says Blockchain Lawyer read more.
11/21/2018 / 15:30:17
Cryptoglobe Negative - #Ethereum (ETH) Price Analysis – November 21 read more.
11/21/2018 / 15:30:00
Blokt Neutral - Coinbase Reopens Bitcoin Cash [BCH] Trading With Prices Sharply Lower read more.
11/21/2018 / 15:19:48
Coindesk Neutral - In First Since 2015, Bitcoin’s Price Is Testing a 200-Week Average read more.
11/21/2018 / 15:15:16
Financemagnates Neutral - Manhattan Rich Kid Steals Cryptocurrency from Silicon Valley Executive read more.
11/21/2018 / 15:14:32
Cointelegraph Neutral - Crypto Mining Firm Giga Watt Files for Bankruptcy, Faces Eviction in Washington County read more.
11/21/2018 / 15:05:00
Blokt Neutral - Brief Respite from Bitcoins Bearish Price Movements read more.
11/21/2018 / 15:04:26
Themerkle Negative - Coinbase Officially Declares BCHABC to be the Only Bitcoin Cash read more.
11/21/2018 / 15:00:01
Cryptoglobe Neutral - BitPay's Merchants Can Now Settle Transactions With Paxos Standard Token (PAX) read more.
11/21/2018 / 15:00:00
Coinspeaker Neutral - VanEck Subsidiary MVIS Announces the Launch of Bitcoin OTC Index read more.
11/21/2018 / 14:56:33
Themerkle Neutral - Dogecoin Price Rally Postponed as all Markets Face Another Slump read more.
11/21/2018 / 14:50:28
Cryptopotato Neutral - Crypto Technical Analysis: Head and Shoulders Pattern, Triangles and Wedges read more.
11/21/2018 / 14:46:54
Trustnodes Neutral - There’s No “Let’s Be Evil” Button on the Blockchain Says Edward Snowden read more.
11/21/2018 / 14:42:48
Ccn Neutral - ‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini read more.
11/21/2018 / 14:38:04
Bitcoin.Com Negative - Bitcoin Isn’t Volatile – the World Is read more.
11/21/2018 / 14:30:29
Cryptoglobe Negative - #XRP Price Analysis – November 21 read more.
11/21/2018 / 14:30:00
Blokt Neutral - Paxos and BitPay Partner to Add PAX Support for Global Bitcoin Payment Service read more.
11/21/2018 / 14:29:10
Cointelegraph Neutral - Blockchain Capital Exec: Bear Markets ‘Do Bear Things,’ but BTC Has ‘Gigantic’ Potential read more.
11/21/2018 / 14:15:00
Cointelegraph Neutral - 21-Year Old American Purported SIM Swapper Arrested for Alleged Theft of $1 Mln in Crypto read more.
11/21/2018 / 14:05:00
Coindesk Neutral - Four More ICOs Hit with Cease-and-Desists by Colorado Securities Regulator read more.
11/21/2018 / 14:00:57
Cryptoglobe Neutral - XRP Struggles to Keep up With Big Gainers as Crypto Market Adds $6 Billion read more.
11/21/2018 / 14:00:39
Bitcoinist Neutral - Bitcoin Price Bounces as Cryptocurrency Market Sees Relief Rally read more.
11/21/2018 / 14:00:39
Newsbtc Neutral - What Could Have Caused The Year’s Biggest Crypto Crash? read more.
11/21/2018 / 14:00:14
Blokt Neutral - TransferWise Currently Not Interested in Blockchain Technology Until More Banks Use Ripple read more.
11/21/2018 / 13:59:08
Ccn Neutral - Bitcoin Price Rises From $4,050 to $4,560 Amid Extreme Volatility Following Bakkt Delay read more.
11/21/2018 / 13:42:22
Livebitcoinnews Neutral - VanEck Subsidiary Launches Bitcoin US OTC Spot Index read more.
11/21/2018 / 13:30:00
Cryptoglobe Neutral - #Bitcoin (BTC) Price Analysis – November 21 read more.
11/21/2018 / 13:30:00
Blokt Neutral - Regulators Investigate Last Year’s Record Highs for Bitcoin, Did Tether Prop up the Market? read more.
11/21/2018 / 13:29:52
Cointelegraph Neutral - Japanese Banking Giant, Others Donate $800K for Blockchain Course at University of Tokyo read more.
11/21/2018 / 13:20:00
Financemagnates Neutral - Singapore Sees First Bitcoin Trial: Were Bitcoin Trades Reversed? read more.
11/21/2018 / 13:16:26
Newsbtc Neutral - “Crypto King”: Bear Market Aside, Bitcoin (BTC) Still Has Inherent Value read more.
11/21/2018 / 13:00:56
Coindesk Neutral - Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions read more.
11/21/2018 / 13:00:30
Ccn Neutral - Singapore’s First Legal Trial Over Bitcoin Trading Disputes Began Today read more.
11/21/2018 / 13:00:18
Blokt Neutral - Coinbase Announces It’s Attending the AWS re:Invent Conference in Las Vegas Next Week read more.
11/21/2018 / 12:59:46
Cointelegraph Neutral - South Korea Science, Food Ministries to Use Blockchain for Tracing Beef Supply Chain read more.
11/21/2018 / 12:56:00
Bitcoin.Com Neutral - SEC Investigates Salt Lending’s ICO, Huobi Advises Russian Bank on DLT read more.
11/21/2018 / 12:30:38
Negative
3.9%
Neutral
94.8%
Positive
1.2%
Mixed
0.1%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.