SPEECHES & TESTIMONY

Statement of Commissioner Behnam on Staff Advisory With Respect to Virtual Currency Derivative Product Listings

May 21, 2018

Today, the Division of Market Oversight and the Division of Clearing and Risk issued a CFTC staff advisory regarding Virtual Currency Derivative Product Listings.  I support and commend the staff, under the direction of the Chairman, for providing this advisory regarding the listing process.  In January, I sponsored a meeting of the Commission’s Market Risk Advisory Committee to shine a light and promote inclusive dialogue on the Commission’s role in the listing of new products pursuant to the Commodity Exchange Act and Commission Regulations 40.2 and 40.3.  Today’s advisory is another step in providing the public with greater transparency into this process.  While this staff advisory clarifies expectations, it does not equate a change to the regulatory process.  Such changes require a more fulsome and formal process, subject to Commission deliberation and public notice and comment.  I look forward to continuing to explore our options, which I hope will include some parameters for determining when self-certification may not be appropriate, and for determining when such matters are appropriately brought before the Commission.