CFTC Chairman: Future financial results may come in the form of blockchain

In an interview with cryptocurrency outlet CoinDesk, Heath Tabert said most futures contracts can take the form of a blockchain. Tarbert also discussed his views on cryptocurrency regulation, arguing that the status of cryptocurrencies, like distribution, requires regulatory caution.

He said: "Our financial and economic system has been redefined outside of the current process of non-crypto versus 'Renaissance.' In less than a decade, people have developed encouragement and confidence in digital commerce. .All industries can be seen.”

Tarbert also enjoys decentralized finance (DeFi) and believes that in the future a significant portion of all finance will be in the form of blockchain. He thought it would be "revolutionary".

Tabert, who took office on July 15 last year, admitted that he was familiar with bitcoin and digital assets before joining the CFTC, but "I quickly realized that it was a very quick change. . . " Although many cryptocurrency and fintech sites are currently outside the CFTC, some new products may be entering the derivatives space. So he should know more about Bitcoin.

He said, “I think the chairman of the CFTC, which oversees the derivatives industry, needs to have a deep understanding of the underlying industry to be successful. Read more about farming, kennels, "I study petroleum and I study cryptocurrencies."

A few months after joining the CFTC, the CFTC announced the Ethereum commodity and allowed the first Ethereum-based futures product to enter the market. The next challenge is to establish a regulatory framework for the cryptocurrency and derivatives industry over the next few years.

"Some regulators will follow the law and others will be specialists — because it allows for innovation, but provides convenience for business partners and for us to handle consumer protection issues responsibly."

Tarbert believes that due to the lack of borders of cryptocurrencies, the United States must get along with other countries according to the rules, which do not distinguish between cryptocurrencies and traditional products such than wheat. He added that international standards for the use of cryptocurrency are "very important for the economy", like the Basel Accords for banks.