CFTC organised session on Bitcoin 

The US Commodity Futures Trading Commission (CFTC) held a meeting yesterday in Washington, DC, to discuss bitcoin as it relates to the agency’s role as the country’s chief futures and options regulator.

Panelists for the CFTC event included Coin Center executive director Jerry Brito; New York Law School professor Houman Shadab; BitPay chief compliance officer Tim Byun; and TeraExchange president and co-founder Leonard Nuara.

The session appears to have done much to convince the CFTC of the potential of digital currency.

CFTC Commissioner Mark Wetjen said: “It just seems like based on what I have learned, some of those applications could be so compelling that it would be a real mistake for us as a commission to not make sure we are staying on top of these developments.”

He added: “So, the more information and education we can do on this now in trying to stay somewhere on the appropriate spot of the learning curve – it seems to be a very sensible thing to do.”

The meeting notably coincided with the execution of the first CFTC-approved bitcoin swap, conducted by TeraExchange.

Byun told the CFTC: “[You could] tie a few US treasuries to the protocol, tie it as a US Treasury and let that be exchanged and validated. Because the core of bitcoin is really just a validation system.”

The panel also discussed the state of the bitcoin market, the regulations that are currently being applied to the technology and the differences in American and European perspectives on its potential applications and future.

Source: coindesk- CFTC organised session on Bitcoin

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