Heath Tarbert, Chairman of the Commodities Futures Trading Commission (CFTC) believes principles-based regulation should be applied to the fintech, blockchain and digital asset sectors. Writing in the Harvard Business Law Review (HBLR), he compared principles-based regulation to more prescriptive rule-based regulation, weighing the pros, cons and contexts.
Talking to CNBC last November, Tarbert spoke about digital assets: “I want the United States to lead, particularly in the blockchain technology that underlies digital assets.” However, he noted that when it came to Facebook’s Libra, the U.S. was neither the first nor second choice for its domicile.
He continued: “I think whoever ends up leading in this technology will end up writing the rules of the road for the rest of the world. My emphasis is on making sure that the United States is a leader.”
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