At a recent conference, Heath Tarbert, the Chairman of the U.S. Commodity Futures Trading Commission (“CFTC”) reportedly stated that he thinks the U.S. should take the lead in the digital asset and blockchain space. According to Law360, Tarbert noted that digital assets and blockchain “could have a fundamental transformational change to the global financial system,” and explained that other countries have started “to make inroads in this area, and so as a regulator, I want to at least create an environment where innovation can flourish, and whatever risks there are, we’re able to mitigate those.” According to the article, Tarbert acknowledged that the industry needs more clarity and pointed to the country’s fractured regulatory landscape as a source of uncertainty. Tarbert reportedly explained, “[w]e have a situation where stablecoins and other [digital products] could be regulated by 51 jurisdictions plus the federal government” and more, and suggested that Congress might be uniquely suited to address these issues. The article noted that “[w]hile there are some proposed bills that would provide more clarity and consistency on the digital asset front, there has been very little movement” to date.
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About Katherine M. Lenahan
Katherine M. Lenahan is a Partner in the New York office of Faruqi & Faruqi, LLP and focuses her practice on securities litigation.