The definition of “commodity” under the CFTC’s authorizing statute could be read to include Bitcoin, in which case the CFTC would have authority to bring enforcement actions against anyone who attempts to manipulate the virtual currencyBeyond Currencies
“If [Bitcoin] works, we can re-implement the entire financial system as a distributed system as opposed to a centralized system. We can reinvent the entire thing.” … Bitcoin or similar technologies can be used as platforms for financial innovation in the digital transfer of currency, securities, contracts and sensitive information. Such innovation could play a fascinating role in the derivatives markets as well as financial services more broadly, as Mr. Andreessen suspects.The CFTC then seems to believe that Bitcoin has potential to recreate many of the financial industry systems. Several experts also believe that most of the futures regulation that the CFTC oversees could be written as smart contracts on the Bitcoin blockchain, thus making it unnecessary to explicitly regulate Bitcoin futures contracts.
Rarely can derivatives regulators anticipate a new market’s potential benefits while devising an appropriate regulatory framework. But virtual currencies such as Bitcoin, and other competing protocols and related technologies, represent such an opportunity.
In an op-ed written for the Wall Street Journal, Mark Wetjen – a commissioner of the Commodity Futures Trading Commission (CFTC) – stated that in a webcast of an October 9 CFTC public meeting on digital currencies, “the viewers’ comments sent a clear message to federal regulators: Take notice and plan for the expansion of the technology that underpins virtual currencies, because ... The CFTC's Mark Wetjen tells CoinDesk how his agency might investigate bitcoin market manipulation and why it may not engage the industry in 2015. Mark Wetjen Joins the Chamber of Digital Commerce Jamie Redman · June 29, 2016 · 8:38 pm The Chamber of Digital Commerce has announced a new member to the organization’s advisory board. Wetjen joins MIAX as Executive Vice President, Futures and Innovative Products and Executive Regulatory Liaison Officer. PRINCETON, N.J., Jan. 27, 2020 /PRNewswire/ -- Miami International Holdings ... Mark Wetjen joining MIH means a lot to the crypto industry. The crypto industry is grappling with regulatory issues across the globe. So, when an important figure like Mark Wetjen, with decades of experience in the government sector, joins the MIH group, it certainly means a lot. He can bring in his vast experience and help contribute to the ...
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The DTCC Blockchain Symposium 2016 brings together leading experts to cut through the hype and discuss collaboration, use cases and innovations on March 29 at the Grand Hyatt New York. Featuring ... In the final installment of a three-part video series from DTCC, Mark Wetjen, Managing Director, Head of Global Public Policy, explains that there is enormou... The DTCC Blockchain Symposium 2016 brings together leading experts to cut through the hype and discuss collaboration, use cases and innovations on March 29 at the Grand Hyatt New York. Featuring ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. The DTCC Blockchain Symposium 2016 brings together leading experts to cut through the hype and discuss collaboration, use cases and innovations on March 29 at the Grand Hyatt New York. Featuring ...