Heath Tarbert, chairman of the U.S. derivatives trading commission (CFTC), called on digital assets to be governed by principles rather than rules and accelerate their legalization to maintain their status as a technology power.
In the conceptual framework presented, Tarbert made numerous arguments in favor of regulation based on broader principles rather than specific rules. In his opinion, only such an approach will allow us not to cut innovation at the root and reduce excessive bureaucracy.
“Another area where principles-based regulation is generally appropriate is the development of fintech, including blockchain and digital assets. [...] I believe that the United States should lead the world in this technology, and the application of excessively prescriptive rules can stop the development of this important market, ”said Tarbert
The advantage of the principles will eliminate the motivation of industry participants to search for “loopholes” in the law, as well as to perform a “checklist” to comply with regulatory requirements.
In November, almost immediately after being elected chairman of the CFTC, Tarbert spoke out against an aggressive approach to regulating cryptocurrencies, which could stifle innovation and hinder the strengthening of the US position in the innovation field.
Recall that in March, the United States Derivatives Exchange Commission (CFTC) approved the final guidance on determining the actual delivery of digital assets provided by a counterparty or trading platform.
