Cryptocurrency, blockchain and smart contracts are possibly the most revolutionary technological innovations of our time. This mantra is already well-known amongst people in the crypto industry who have fully embraced and invested in the technology.
Even so, governments and regulatory agencies have been taking a cautious approach on the matter. However, just recently the prominent US regulatory agency, the Commodity Futures Trading Commission (CFTC), has shown a deep understanding and interest of blockchain-based smart contracts.
The CFTC released a 32-page primer detailing the use cases, risks, and challenges of blockchain-based smart contracts. The primer is to provide a well-thought out and researched document about smart contracts to accelerate the learning curve for US regulators, investors, and policy makers.
Smart Contracts Defined by the CFTC
The CFTC defined smart contracts as a set of coded computer functions that can automatically execute the outcomes of a contract…