CFTC Commissioner on Blockchain: “We Are Witnessing A Modern Miracle.”

On June 4th United States Commodities Futures Trading Commission (CFTC) Commissioner Rostin Behnam took a positive position on Cryptocurrency and Blockchain technology stating “they will proliferate to every economy and every part of the planet.”

During his speech at the BFI Summit at United Nations Mr. Behnam began by explaining the importance of economic developments and changing technology in helping the United Nations achieve its humanitarian goals. He stated that Blockchain technology is allowing new possibilities that will completely restructure economic, social and political relations.

Mr. Behnam emphasized the importance of forward thinking regulation to ensure that technology is able to realize these possibilities and stated:

Blockchain is more than technology: it is an advance that reaches out into every aspect of life.  We could use Blockchain to address the most basic, the most primal problems on our planet: corruption, income distribution, poverty, food, and health care.  And, the fear billions of people experience everyday as they try to survive.

He went on the explain the jurisdiction of the CFTC and other US government agencies in relation to cryptocurrency. He stated that the CFTC does not have authority to regulate cryptocurrency exchange platforms. but does have the authority to investigate fraud and market manipulation.  Specifically, he said “CFTC, working closely with the SEC and other fellow financial enforcement agencies, will aggressively prosecute those who engage in fraud and manipulation of US markets for virtual currency.”

With recent reports that the CFTC has subpoenaed four cryptocurrency exchanges (Bitstamp, Coinbase, itBit and Kraken) for trading data, many people are apprehensive of government intervention. However, others point out that Behnam’s statement is one of the most optimistic positions ever taken by a US Government Agency regarding Cryptocurrency.

Writer, Consultant and Cryptocurrency Investor

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