CFTC Commissioners Dan Berkovitz and Brian Quintenz discuss the difficulties of regulating crypto derivatives and DeFi. Show highlights: <ul> <li style="font-weight: 400;" aria-level="1">their backgrounds</li> <li style="font-weight: 400;" aria-level="1">what the CFTC’s duties are regarding crypto</li> <li style="font-weight: 400;" aria-level="1">how the CFTC’s jurisdiction has evolved over the years</li> <li style="font-weight: 400;" aria-level="1">why Commissioner Quintenz believes SEC Commissioner Hester Peirce’s safe harbor proposal is “brilliant”</li> <li style="font-weight: 400;" aria-level="1">what relationship the CFTC and SEC have when making decisions on crypto assets</li> <li style="font-weight: 400;" aria-level="1">why the commissioners believe CFTC’s complaints regarding BitMEX are “well-founded”</li> <li style="font-weight: 400;" aria-level="1">why formal regulation for crypto derivatives is unlikely to be produced by the CFTC</li> <li style="font-weight: 400;" aria-level="1">why leveraged derivatives products are a “concern” to the CFTC</li> <li style="font-weight: 400;" aria-level="1">what makes regulating DeFi platforms so difficult</li> <li style="font-weight: 400;" aria-level="1">when it comes to DeFi, who is a natural entity for the CFTC to regulate, if any</li> <li style="font-weight: 400;" aria-level="1">whether the CFTC would ever go after DeFi "market participants," who the CFTC also regulates</li> <li style="font-weight: 400;" aria-level="1">why smart contracts involving futures could be illegal </li> <li style="font-weight: 400;" aria-level="1">how the possibility that smart contracts could be illegal squares with the view that software development is a form of free speech </li> <li style="font-weight: 400;" aria-level="1">whether the CFTC could prosecute developers who write smart contracts</li> <li style="font-weight: 400;" aria-level="1">whether the CFTC needs to re-write its laws in light of DeFi innovation</li> <li style="font-weight: 400;" aria-level="1">why Commissioner Berkovitz thinks the DeFi “winners” will be protocols that focus on meeting regulatory requirements</li> <li style="font-weight: 400;" aria-level="1">why the CFTC approved Bitcoin futures in 2017 while the SEC has not yet approved a Bitcoin ETF</li> <li style="font-weight: 400;" aria-level="1">how a Bitcoin ETF could solve Bitcoin’s accounting issue, which currently gives companies no upside for adding BTC to its balance sheet</li> </ul>   Thank you to our sponsors! Crypto.com: <a href= "https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2">https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2</a>  Tezos: <a href= "https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero"> https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero</a>  Conjure: <a href= "https://conjure.finance/">https://conjure.finance</a>    Episode Links   People Dan Berkovitz, CFTC Commissioner (Sep 2018+) <ul> <li style="font-weight: 400;" aria-level="1">CFTC website: <a href= "https://www.cftc.gov/About/Commissioners/CommissionerDanMBerkovitz/index.htm"> https://www.cftc.gov/About/Commissioners/CommissionerDanMBerkovitz/index.htm</a></li> <li style="font-weight: 400;" aria-level="1">Twitter: <a href= "https://twitter.com/CFTCberkovitz">https://twitter.com/CFTCberkovitz</a> </li> </ul> Brian Quintenz, CFTC Commissioner (Aug 2017+) <ul> <li style="font-weight: 400;" aria-level="1">CFTC website: <a href= "https://www.cftc.gov/About/Commissioners/BrianQuintenz/index.htm"> https://www.cftc.gov/About/Commissioners/BrianQuintenz/index.htm</a></li> <li style="font-weight: 400;" aria-level="1">Twitter: <a href= "https://twitter.com/CFTCquintenz">https://twitter.com/CFTCquintenz</a> </li> </ul>   Related Links <ul> <li style="font-weight: 400;" aria-level="1">CFTC digital asset resources: <a href= "https://www.cftc.gov/digitalassets/index.htm">https://www.cftc.gov/digitalassets/index.htm</a></li> <li style="font-weight: 400;" aria-level="1">Commissioner Berkovitz DeFi speech: <a href= "https://www.theblockcrypto.com/linked/107769/cftc-commissioner-criticizes-defi-decries-lack-of-intermediaries"> https://www.theblockcrypto.com/linked/107769/cftc-commissioner-criticizes-defi-decries-lack-of-intermediaries</a></li> <li style="font-weight: 400;" aria-level="1">Commissioner Quintenz smart contracts/blockchain speech: <a href= "https://www.cftc.gov/PressRoom/SpeechesTestimony/opaquintenz16"> https://www.cftc.gov/PressRoom/SpeechesTestimony/opaquintenz16</a></li> <li style="font-weight: 400;" aria-level="1">CFTC jurisdiction over digital assets: <a href= "https://www.cftc.gov/PressRoom/SpeechesTestimony/giancarlostatement010418"> https://www.cftc.gov/PressRoom/SpeechesTestimony/giancarlostatement010418</a> </li> <li style="font-weight: 400;" aria-level="1">CFTC BitMEX complaint: <a href= "https://www.cftc.gov/PressRoom/PressReleases/8270-20">https://www.cftc.gov/PressRoom/PressReleases/8270-20</a></li> <li style="font-weight: 400;" aria-level="1">FTX and Binance remove high leverage: <a href= "https://decrypt.co/76858/ftx-and-binance-remove-high-leverage-from-exchanges"> https://decrypt.co/76858/ftx-and-binance-remove-high-leverage-from-exchanges</a></li> <li style="font-weight: 400;" aria-level="1">SEC Commissioner Hester Peirce’s safe harbor proposal: <a href= "https://www.sec.gov/news/public-statement/peirce-statement-token-safe-harbor-proposal-2.0"> https://www.sec.gov/news/public-statement/peirce-statement-token-safe-harbor-proposal-2.0</a> </li> </ul> Bitcoin futures approval from CFTC in 2017: <a href= "https://www.businessinsider.com/bitcoin-price-futures-trading-exchanges-cftc-2017-12"> https://www.businessinsider.com/bitcoin-price-futures-trading-exchanges-cftc-2017-12</a>

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

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