The US Commodity Futures Trading Commission has approved the creation of LabCFTC, a new fintech initiative aimed at improving quality, resiliency, and competitiveness in futures and options markets
The US Commodity Futures Trading Commission, responsible for regulating futures and options markets has announced the launch of a major fintech initiative. LabCFTC will promote responsible fintech innovation to improve the quality, resiliency, and competitiveness within markets that the CFTC oversees.
LabCFTC will seek to accelerate engagement with fintech and regtech solutions that enable the CFTC to carry out its mission responsibilities more effectively and efficiently. It will also act as an information source for the commissioners and the CFTC staff on responsible innovation in policy development.
CFTC Acting Chairman J. Christopher Giancarlo said, “Simply put, LabCFTC is intended to help us bridge the gap from where we are today to where we need to be: 21st century regulation for today’s digital markets.”
“The purpose of LabCFTC is twofold: The first is to provide greater regulatory certainty that encourages market-enhancing FinTech innovation to improve the quality, resiliency, and competitiveness of our markets. The second is to identify and utilize emerging technologies that can enable the CFTC to carry out its mission more effectively and efficiently in the new digital world,” he continued.
LabCFTC has two core components. GuidePoint is a dedicated point of contact for fintech innovators to engage with the CFTC, learn about the CFTC’s regulatory framework, and obtain information on the implementation of innovative technology ideas. CFTC 2.0 is designed to help initiate the adoption of new technology through collaboration with fintech industry and CFTC market participants.
The LabCFTC fintech innovation office will be based in New York where it will work to accomplish the agency’s goals by facilitating engagement, building collaboration, and conducting research and monitoring trends to ensure its regulatory framework supports technological innovation.
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