CFTC Commissioner: Developers Ultimately Responsible for Smart Contract Non-Compliance
Cryptovest
Published Oct 17, 2018 11:40AM ET
Updated Oct 17, 2018 01:01PM ET
CFTC Commissioner: Developers Ultimately Responsible for Smart Contract Non-Compliance
In a speech delivered during the 38th annual GITEX Technology Week Conference, CFTC commissioner Brian Quintenz touched on the subject of blockchain and the law, determining who is ultimately held responsible when a blockchain system running under a smart contract breaks the law.
This may sound easy to address, but for most of the history of cryptocurrencies, governments around the world have been at odds with each other on how they would deal with circumstances that come from decentralized environments.
Quintenz summarized the problem by breaking down the components that make up a blockchain network—miners, users who participate in transactions, and the developers that made the system possible in the first place.
“That leaves us with the developers of the smart contract code that underlies these event contracts, as well as the individual users who then use that code to create and wager on their own event contracts. The developers of the code could claim that they merely created the protocol and therefore have no control over whether and how users choose to use it once it is part o...
This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.