The US Commodity Futures Trading Commission has cited the advance of technologies like blockchain in a request to obtain additional funding for its oversight activities.
Testimony from acting CFTC chairman J. Christopher Giancarlo reveals that the agency – which oversees the sale and trade of commodity derivative markets in the US – wants an additional $31.5m in funding (for a total of $281.5m for fiscal year 2018) to help support its market surveillance work in an era of rapid technological change. Giancarlo’s request was sent to the US Senate Committee on Appropriations Subcommittee on Financial Services and General Government.
Among those technologies is blockchain, about which Giancarlo has struck a broadly optimistic note in the past. In a CoinDesk op-ed from December, he wrote that he believes “in its promising benefits for the financial marketplace and financial regulators”.