In the US Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee meeting yesterday, HSBC Senior Vice President, Jesse Drennan encouraged the CFTC to create more “positive noise” about distributed ledger technology (DLT).
The comments came after the CFTC opened the panel discussion with queries about the current state of the technology and possible hindrances to adoption. The intention of the panel was to look further into areas where regulation of the CFTC may inhibit adoption of DLT and sought to find areas of more support.
Drennan indicated businesses are hesitant to move into the space or commit to more aggressive adoptions until there is more confidence about how regulators view the industry and the technology, stating “there is a sensitivity to how the regulator may feel about such technology and supporting the activity that the parties are rolling out.” He went on to discuss the impact of more encouraging news from the CFTC to give confidence to those thinking of implementation “…the Commission could make positive noise, that may accelerate, for some firms, their ability to bring it to market…”
Other parties in attendance were IBM, the International Swaps and Derivatives Association, R3 and lobbyist Coin Centre.