Giancarlo updates House oversight committee on clearinghouse, cryptocurrency issues

By Lene Powell, J.D. In an oversight hearing of the House Agriculture Committee, CFTC Chairman J. Christopher Giancarlo gave updates on derivatives issues, including the increasingly precarious status of the existing U.S.-E.U. agreement on regulation of derivatives clearinghouses and the proper role of the CFTC and other agencies in regulating cryptocurrencies and blockchain. Giancarlo also discussed other issues including LIBOR and proposed position limits rules. Clearinghouse issues. Currently, the European Commission and CFTC have an agreement providing for mutual recognition of derivatives clearinghouse regulatory regimes. However, there is a proposal before the European Parliament that would impose European substantive law on U.S. clearinghouses. This prompted questions from several members, including Committee Chairman Mike Conaway. Giancarlo said that the threatened breakdown of the existing agreement is happening because of Brexit, and it is of great concern because the…

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