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The Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo today released a white paper on Swaps regulation.
In this white paper, Swaps Regulation Version 2.0. Entitled was published, where an assessment of the current implementation of reform and proposals for next steps, the unique aspect of this document is the fact that CFTC Chair J. Christopher Giancarlo is advocating on behalf of using distributed ledger technology (DLT) otherwise known as Blockchain.
The Commission would be updated on new or amended swap transactions as they happen, allowing for near-real-time oversight of the swaps markets, including the Commission’s surveillance and risk monitoring responsibilities.
The advent of DLT or blockchain may open a new era of both transparency and Regtech innovation. The CFTC may be the first financial regulator to public embrace this new type of technology.
The CFTC states that they seek to optimize the CFTC’s implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) so as to strike a balance between systemic safety and stability and market vibrancy and economic growth.
They also stated that “collaboration with other authorities to cultivate the development of “regulator nodes” on distributed ledgers. The full potential of DLT in trade reporting is to transcend the fragmented regulatory structure by providing the reference to a single, validated record of all financial transactions/positions across regulated markets.”
The blockchain is the future of regulatory reporting. Not just for Swaps but for all types of regulatory reporting and financial transactions. But it is also important to note that Giancarlo believes a push for a regulatory 2.0 will require Congressional action.
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