One of the most powerful U.S. financial regulators, the Commodity Futures Trading Commission (CFTC), has released the second guide about the nature and opportunities of smart contracts, with a reminder that the technology is covered under financial rules, according to the company’s report.
Thus, the agency’s fintech initiative LabCFTC is considered to be an educational tool that covers the basics of blockchain smart contracts including their history, characteristics, case studies, potential use cases, and perceived risks.
The agency also stated that smart contracts can offer the benefits of reduced costs and transaction times, lowered counterparty and settlement risks, and increased security.
As it was reported earlier, during a recent speech at the 2018 International Swaps and Derivatives Association (ISDA) Annual Japan Conference in Tokyo, CFTC Commissioner Rostin Behnam compared dApps as “innovations” of blockchain technology.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.