Every financial regulatory body around the world seems to be trying to wrap their heads around Bitcoin and its underlying blockchain technology these days, and the Commodity Futures Trading Commission ( CFTC ) in the United States is not immune to this trend.
Simply defining bitcoin as an asset has proved to be a difficult task for many regulatory agencies around the world, as some claim it is a commodity while others view it as a currency . The CFTC ruled that bitcoin is a commodity in late 2015.
To gain a better understanding of Bitcoin, the blockchain and other distributed ledger technologies, the CFTC is adding an experienced bitcoin trading expert, LedgerX CEO Paul L. Chou , to their committee of technology advisers. The independent agency of the U.S. government will also take time to focus on these new technologies in their first meeting of 2016.
LedgerX CEO Paul L. Chou Appointed to Technology Committee
The CFTC’s Technology Advisory Committee (TAC) was originally created in 1999 with the purpose of advising the regulatory body on the impact new technologies could have on futures markets. Regulatory and legislative recommendations are also made by the TAC. Current members of the committee include CME Group CCM Bryan Durkin, Credit Suisse Managing Director Jeffrey Jennings, Goldman Sachs Managing Director Pierre Lamy, and BlackRock Managing Director Supurna VedBrat.
Paul L. Chou worked at Goldman Sachs creating and operating algorithmic trading strategies before transitioning to the Bitcoin world in 2011. With his company, LedgerX, Chou intends to build the first fully-regulated and CFTC-approved exchange for trading bitcoin options. Chou has bachelors degrees in computer science and mathematics from MIT.
First Meeting of 2016 to Cover Bitcoin and Blockchain
In addition to adding a bitcoin luminary to their technology team, the CFTC also plans to focus on Bitcoin […]
