On Wednesday Commissioner (and Chairman-designate) Giancarlo of the US Commodity Futures Trading Commission (CFTC) gave a speech to the Futures Industry Association in which he identified the embrace of technological change as a key factor in economic growth. In that speech he announced that the CFTC has been conducting a review of FinTech innovation issues including those arising from a range of new digital technologies. The review is focused on three issues:
- How the CFTC should leverage FinTech innovation to make it a more effective regulator;
- How CFTC rules and regulations need to be updated to account for FinTech in order for the Commission to be relevant in 21st Century digital markets; and
- The proper role of the CFTC in promoting US FinTech innovation in CFTC regulated markets.