CFTC Chair on Crypto Regulation: We Don’t Want to Snuff out Innovation
Helen Partz's original article for cointelegraph.com reduced by 71%
Heath Tarbert, who assumed his post following former Chairman J. Christopher Giancarlo in July 2019, stated that taking such an approach in regulating digital assets would allow a period of development and observation before it may be appropriate to adopt more targeted rules. Tarbert delivered his remarks on crypto regulation in an op-ed published on the CFTC website Nov.
19. In the statement, Tarbert emphasized that the term "Principles-based regulation" does not imply a light-touch approach or deregulation, stating that it is actually "Far from it." The chairman elaborated that such an approach involves moving away from detailed rules to relying more on high-level and "Broadly-stated principles" to define standards for regulated firms and products. "Given the rapid pace of innovation and the markets supporting it, taking a principles-based approach to regulating digital assets and other fintech products would permit a period of development and observation.
After we fully understand the outcomes and potential risks of digital assets, it may be appropriate to adopt more tailored and targeted rules, or a more balanced combination of principles and rules." "Our willingness to allow innovation to develop should not be confused with a tolerance of fraudulent behavior or a so-called light-touch approach," the executive stated. Former CFTC chairman supported a "No harm" approach to crypto. In September 2018, Commodity argued that crypto needs a "Do no harm" approach from regulators to flourish, comparing the industry with the early days of the Internet.
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