The CFTC and FBI are required to increase funding for combating chain-related issues


nnnThe FBI and the US Commodity Futures Trading Commission have asked the federal government to increase capital investment to expand the chain chain technology regulatory functions and team. Because the current market technology with each passing day, need to increase the relevant risk forecast and prevention.n
nnTranslation: Annie_Xun
nThe CFTC (Commodity Futures Trading Commission) requires the US Congress to increase capital investment in order to enhance the agency’s regulatory function of the block chain technology.n
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nRequiring an increase of $ 31 million in fundingn
nAt the US Congressional hearing, CTSC Acting Chairman J Christopher Giancarlo said the 2018 agency needed an additional $ 31.5 million to raise the total to $ 221.5 million.n
nAdditional funds will be used to support and strengthen market regulation activities, as we are in the era of rapid technological change.n
nThe CFTC is the body responsible for overseeing the sale and trading of US derivatives.n
nIts market regulation program aims to protect the economic function of futures and options markets. The main task of the market supervision project is to find the situation to control the market risk, and to take preventive measures accordingly.n
nCFTC needs regulatory techniques including block-chain technology. Giancarlo has confidence in the block chain because he believes in the potential benefits of block chains in financial markets and regulation.n
nJ Christopher Giancarlo said:n
nn”Other groundbreaking digital innovations bring the same regulatory challenges, such as distributed books technology, which are now commonly known as block chains, that will challenge the orthodox pillars of current financial market infrastructures.”n
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nIncreased chain – related crimen
nThe CFTC is not the only government agency that seeks to increase federal investment by reason of block chain technology. The FBI allegedly increased an additional $ 21 million and 80 new staff, in order to investigate emerging technologies and combat cybercrime.n

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