CFTC says that exponential progress is slowing Bakkt approval

20 Apr, 2019 | Updated: 21 Apr, 2019
by David Borman
Regulation
CFTC says that exponential progress is slowing Bakkt approval

It has been reported by Bitcoin News that a commissioner from within the Commodity Futures Trading Commission (CFTC) has explained that part of the issue slowing down an approval for Bakkt is exactly the success of digital technologies. Basically, the tech is evolving so fast, regulators can't keep up.

This all comes from CFTC Commissioner Christopher Giancarlo, who recently went on the record stating that it is in fact due to the very success of fintech that is causing delays in approving it. In his own words:

"...we live in a period of exponential technological change. That is, the sheer speed of innovation has increased exponentially, both in terms of production of new models and products and their subsequent public adoption."

Regulators, as it stands, are struggling from a lack of "heightened technological literacy across leaders in business and government." In a nutshell, he is saying those who aim to regulate this technology do not sufficiently understand it.

It is debatable what the solution to this issue could be. In some form or another, regulators need to be educated enough to make meaningful decisions regarding this technology. Hopefully that education comes soon, but stick with Chepicap for all updates!

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