Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss - Ep.260

Unchained

English - August 03, 2021 07:30 - 1 hour - ★★★★★ - 1.2K ratings
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CFTC Commissioners Dan Berkovitz and Brian Quintenz discuss the difficulties of regulating crypto derivatives and DeFi. Show highlights:
their backgrounds
what the CFTC’s duties are regarding crypto
how the CFTC’s jurisdiction has evolved over the years
why Commissioner Quintenz believes SEC Commissioner Hester Peirce’s safe harbor proposal is “brilliant”
what relationship the CFTC and SEC have when making decisions on crypto assets
why the commissioners believe CFTC’s complaints regarding BitMEX are “well-founded”
why formal regulation for crypto derivatives is unlikely to be produced by the CFTC
why leveraged derivatives products are a “concern” to the CFTC
what makes regulating DeFi platforms so difficult
when it comes to DeFi, who is a natural entity for the CFTC to regulate, if any
whether the CFTC would ever go after DeFi "market participants," who the CFTC also regulates
why smart contracts involving futures could be illegal
how the possibility that smart contracts could be illegal squares with the view that software development is a form of free speech
whether the CFTC could prosecute developers who write smart contracts
whether the CFTC needs to re-write its laws in light of DeFi innovation
why Commissioner Berkovitz thinks the DeFi “winners” will be protocols that focus on meeting regulatory requirements
why the CFTC approved Bitcoin futures in 2017 while the SEC has not yet approved a Bitcoin ETF
how a Bitcoin ETF could solve Bitcoin’s accounting issue, which currently gives companies no upside for adding BTC to its balance sheet

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Episode Links

People
Dan Berkovitz, CFTC Commissioner (Sep 2018+)
CFTC website: https://www.cftc.gov/About/Commissioners/CommissionerDanMBerkovitz/index.htm

Twitter: https://twitter.com/CFTCberkovitz
Brian Quintenz, CFTC Commissioner (Aug 2017+)
CFTC website: https://www.cftc.gov/About/Commissioners/BrianQuintenz/index.htm

Twitter: https://twitter.com/CFTCquintenz

Related Links
CFTC digital asset resources: https://www.cftc.gov/digitalassets/index.htm

Commissioner Berkovitz DeFi speech: https://www.theblockcrypto.com/linked/107769/cftc-commissioner-criticizes-defi-decries-lack-of-intermediaries

Commissioner Quintenz smart contracts/blockchain speech: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaquintenz16

CFTC jurisdiction over digital assets: https://www.cftc.gov/PressRoom/SpeechesTestimony/giancarlostatement010418
CFTC BitMEX complaint: https://www.cftc.gov/PressRoom/PressReleases/8270-20

FTX and Binance remove high leverage: https://decrypt.co/76858/ftx-and-binance-remove-high-leverage-from-exchanges

SEC Commissioner Hester Peirce’s safe harbor proposal: https://www.sec.gov/news/public-statement/peirce-statement-token-safe-harbor-proposal-2.0
Bitcoin futures approval from CFTC in 2017: https://www.businessinsider.com/bitcoin-price-futures-trading-exchanges-cftc-2017-12
Learn more about your ad choices. Visit megaphone.fm/adchoices

CFTC Commissioners Dan Berkovitz and Brian Quintenz discuss the difficulties of regulating crypto derivatives and DeFi. Show highlights:

their backgrounds what the CFTC’s duties are regarding crypto how the CFTC’s jurisdiction has evolved over the years why Commissioner Quintenz believes SEC Commissioner Hester Peirce’s safe harbor proposal is “brilliant” what relationship the CFTC and SEC have when making decisions on crypto assets why the commissioners believe CFTC’s complaints regarding BitMEX are “well-founded” why formal regulation for crypto derivatives is unlikely to be produced by the CFTC why leveraged derivatives products are a “concern” to the CFTC what makes regulating DeFi platforms so difficult when it comes to DeFi, who is a natural entity for the CFTC to regulate, if any whether the CFTC would ever go after DeFi "market participants," who the CFTC also regulates why smart contracts involving futures could be illegal how the possibility that smart contracts could be illegal squares with the view that software development is a form of free speech whether the CFTC could prosecute developers who write smart contracts whether the CFTC needs to re-write its laws in light of DeFi innovation why Commissioner Berkovitz thinks the DeFi “winners” will be protocols that focus on meeting regulatory requirements why the CFTC approved Bitcoin futures in 2017 while the SEC has not yet approved a Bitcoin ETF how a Bitcoin ETF could solve Bitcoin’s accounting issue, which currently gives companies no upside for adding BTC to its balance sheet

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2

Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero

Conjure: https://conjure.finance

Episode Links

People

Dan Berkovitz, CFTC Commissioner (Sep 2018+)

CFTC website: https://www.cftc.gov/About/Commissioners/CommissionerDanMBerkovitz/index.htm
Twitter: https://twitter.com/CFTCberkovitz

Brian Quintenz, CFTC Commissioner (Aug 2017+)

CFTC website: https://www.cftc.gov/About/Commissioners/BrianQuintenz/index.htm
Twitter: https://twitter.com/CFTCquintenz

Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss - Ep.260

Unchained

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