CFTC Steps up Fintech Efforts

According to a Compliance Week article, the CFTC recently launched a major fintech initiative, LabCFTC, which will serve as a multi-faceted hub for the agency's engagement with fintech innovators.

The initiative, announced June 2nd, is aimed at promoting responsible fintech innovation to improve the quality, resiliency, and competitiveness of the markets that the CFTC oversees. The new initiative, which will be based in New York City, had its mission touted by Acting Chairman J. Christopher Giancarlo in a recent speech before the New York Fintech Innovation Lab.

"So much of our world today from information to music to manufacturing…has undergone a digital transformation," he said. "And it should be no surprise to anyone that our capital, commodity, and futures markets are going through the same digital transformation."

Giancarlo mentioned blockchain, artificial intelligence, and smart contracts as areas that would be of interest to the CFTC. SFIG launched its Blockchain Task Force last year to explore the implications of the technology for the securitization industry. In partnership with the Chamber of Digital Commerce, SFIG also released a whitepaper earlier this year, "Applying blockchain in securitization: opportunities for reinvention".

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