The US Commodity Futures Trading Commission (CFTC) has approved the creation of LabCFTC, a new initiative aimed at promoting responsible FinTech innovation.
The initiative is designed to improve the quality, resiliency, and competitiveness of the markets the CFTC oversees.
Located in New York LabCFTC will also look to accelerate CFTC engagement with FinTech and RegTech solutions that may enable the CFTC to carry out its mission responsibilities more effectively and efficiently.
LabCFTC is the agency’s focal point to promote FinTech innovation and fair competition by making the CFTC more accessible to FinTech innovators and serving as a platform to inform the CFTC’s understanding of new technologies.
Christopher Giancarlo, acting chairman of the CFTC, 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 certainly that encourages market-enhancing FinTech innovation to improve the quality, resiliency, and competitiveness of our markets. The second is to identify and utilise emerging technologies that can enable the CFTC to carry out its mission more effectively and efficiently in the new digital world.”
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