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美国商品期货交易委员会(CFTC)主席看好区块链和DeFi,但面临监管的考验

2020-11-23 17:16

 

美国商品期货交易委员会(CFTC)主席希斯•塔伯特(Heath Tarbert)对区块链和DeFi都非常看好。他说,区块链和分布式账本技术(DLT)可能会“潜在地革新金融”,DeFi代表了一种可能的理论替代“大到不能倒”的中央银行。但这并不意味着他认为该行业应该逃脱监管。


在上周经合组织全球区块链政策论坛上,塔伯特呼吁创新者尽早与监管机构接触。他说:“如果你有一个受监管的行业,就有机会获得市场诚信和信任,因此最终你会从中受益。”


令人惊讶的是,他看好DeFi。他是这样说的:“我看着DeFi,我被它迷住了。对我们所有人来说,经历了全球金融危机,特别是问题的银行和其他金融机构“太大而不能倒闭”,继续站在金融体系的中心,我认为挑战是一个有趣的理论的另一种选择的可能性。在一个系统中,它不一定集中在几个全球性的参与者身上,而是分散的。我想说,这真的很吸引人,很有趣。”


但他接着提出了监管的挑战。为了获得信任,他设想将法规考虑在内的DeFi协议,反过来,法规演变为考虑具有分散本质的系统。

 

面临的挑战


在谈到区块链和DLT时,塔尔伯特强调了四个挑战:速度、灵活性、执法和国际合作。


他指出,在灵活性方面,CFTC监管的衍生品通常基于实物商品。“数字资产与那些类型的大宗商品非常不同。当我们实施我们的规章制度时,我们必须考虑到这一点。”


随着时间的推移,各种各样的新产品进入了CFTC领域,Tarbert称,这些产品"被视为一时风尚,甚至具有破坏性,而现在它们已成为支柱产品的一部分。"我真的认为,在数字资产方面,情况将是一样的。”


在执法方面,他表示,重要的是要根除不良行为和不良行为者,这最终将建立一个市场的信誉。


谈到国际协调,塔伯特称赞了瑞士金融市场监管局(FINMA),该机构在天秤座周围建立了一个监管学院,以吸引国际社会的参与。


尽管监管机构和国家有边界,但金融市场很少有边界,尤其是数字资产。因此,需要像G20峰会那样进行国际协调。


他说:“如果邻国甚至5000英里以外的国家没有健全的数字资产监管制度,我们就不可能有健全的数字资产监管制度。”“你会看到这些技术进入不受监管的领域,并带来信任问题。”

 

Heath Tarbert, the U.S. Commodity Futures Trading Commission (CFTC) Chairman, is very positive about both blockchain and DeFi. He said that blockchain and distributed ledger technology (DLT) could “potentially revolutionize finance” and that DeFi represents a possible theoretical alternative to the ‘too big to fail’ centralized banks. But that doesn’t mean he thinks the sector should escape regulation.

Talking at last week’s OECD Global Blockchain Policy Forum, Tarbert appealed to innovators to engage with regulators early.” If you have a regulated industry, the chances of having market integrity and trust are there, and therefore at the end of the day it will benefit you,” said Tarbert.

He was surprisingly bullish on DeFi. Here’s what he had to say: “I look at DeFi and I am fascinated by it. For all of us that experienced the Global Financial Crisis, particularly the issue of banks and other financial institutions that were ‘too big to fail’ and that continue to stand at the center of the financial system, I would say that DeFi represents an interesting theoretical possibility of an alternative to that. Of a system where it’s not necessarily concentrated in a few global players but, as the term notes, decentralized. I would say that’s really fascinating and interesting.”

But he followed that up with the challenge of regulating it. To gain trust, he envisions DeFi protocols taking regulations into account and in turn, regulations evolving to take account of systems with a decentralized nature.

The challenges

Talking about blockchain and DLT more broadly, Tarbert highlighted four challenges: speed, flexibility, enforcement and international cooperation.

In terms of flexibility, he noted that the CFTC regulates derivatives, which are usually based on physical commodities. “A digital asset is very different from those types of commodities. And when we’re applying our regulations, we have to be thoughtful of that,” said Tarbert.

Over time various new products have arrived in the CFTC space, which Tarbert said were “viewed as fads or even disruptive and now they’re part of the mainstay. I really think when it comes to digital assets, it’s going to be the same thing.”

In terms of enforcement, he said it was important to weed out bad actions and bad actors, which ultimately establishes a market’s credibility.

Turning to international coordination, Tarbert credited Switzerland’s FINMA, which set up a regulatory college around Libra to engage the international community.

While regulators and nations have borders, financial markets rarely do, particularly digital assets. Hence the need for international coordination as is happening at the G20

“We can’t have a sound regulatory regime for digital assets if the neighboring country or even a country 5,000 miles away doesn’t have that same regime,” said Tarbert. “You’re going to see these technologies move to the unregulated space and introduce trust issues.”

 

来自: Ledger Insights