CFTC Exec: ‘We Will Continue To Develop Better Regulations For Crypto Industry’

The Chief Innovation Officer of the Commodity Futures Trading Commission (CFTC) and inaugural director of the LabCFTC, Daniel Gorfine, recently had an interview with Forbes, where he discussed all the important issues that relate to the blockchain and crypto industry.

These included topics that ranged from the importance of collaborating with innovators – up to the obstacles that are currently faced by the regulators in the industry. As Gorfine mentioned a couple of times, there has never been a greater need for common sense regulation in the crypto industry as there is now – which is mainly due to the popularity of the industry itself.

What’s most interesting of all is the position of CFTC – which is seen as if the organization is the greatest ally to the crypto industry in the US government – mostly because of the respectful, consistent and well-balanced approach towards the common sense industry regulators. In that way, the regulatory agency is continuing to take steps to work with the innovators and industry leaders, all in order to develop beneficial regulatory policies.

Daniel Gorfine stressed this and explained why innovators in emerging industries – like crypto and blockchain – are always willing to work with regulatory authorities and build better regulations for the industry.

He also explained what LabCFTC is all about, stating the following:

“We’re starting see more granular questions and next level of engagement on certain models. I will add that we started getting, around the later part of last year, questions around CFTC jurisdiction in the virtual currency space, and that’s a big reason why we published the virtual currency primer that we did last October.”

While talking to Forbes, Gorfine also noted that the regulatory agency has not encountered many challenges when it comes to implementing the actual measures for the crypto industry. As he said:

“We haven’t faced a lot of barriers per se because I think there’s such a clear recognition from an agency perspective to be keeping pace and make sure that we have the right tools and understanding to be able to regulate where our markets are moving. So from an internal perspective, we’ve had a lot of support, and I think it starts with CFTC Chairman Chris Giancarlo…When you have the support of leadership, that goes a long way.”

Gorfine concluded that the regulatory group has been very successful so far, stating:

“I think we’ve been able to accomplish a lot of what we wanted to, and where we couldn’t, we’ve been able to say ‘Hey, here are some areas we can at least identify that we feel we have some limitations.’”

What’s encouraging for many is that in times when the markets are collapsing mainly because of the lack of regulation, people like Gorfine are heading these organizations – and are always willing to collaborate with industry leaders and therefore bring crypto and blockchain to a better future.