The US Commodity Futures Trading Commission asks the US Congress for additional funding to aid their oversight functions on Blockchain technologies.
Requesting for additional $31mln funds
In his testimony before the US Congress Acting Chairman of CFTC J Christopher Giancarlo reveals that their agency needs an additional $31.5mln funds to get a total to $281.5mln for the year 2018.
The additional funding will be use to support and intensify the surveillance activities of the market given we are in the era where technology changes so rapidly.
The US Commodity Futures Trading Commission is the agency responsible for overseeing the sale and trade of commodity derivatives in the US.
Its market surveillance program is aimed at preserving the economic functions of futures and options markets. The market surveillance program’s primary mission is to identify situations that could pose a threat of manipulation and to initiate preventive measures accordingly.
Among those technologies that CFTC needs to oversee includes Blockchain technology. Giancarlo had an optimistic view on Blockchain as he believes in the promising benefits of the technology in financial market and regulations.
J Christopher Giancarlo tells the subcommittee:
“Other breaking digital innovations present equal regulatory challenges….[like] distributed ledger technology, more commonly known as Blockchain, that will challenge orthodoxies that are foundational to today’s financial market infrastructure.”
Increasing Blockchain-related crimes
CFTC is not the only government agency that’s using the effects of Blockchain technologies as part of its requests for additional federal funding. FBI is said to be requesting additional funds of $21mln and 80 new employees to investigate emerging technologies and help the agency combat cybercrime.