US Regulator: Financial Laws Regulate Smart Contracts
US Commodity Regulator (CFTC) published an educational course on smart contracts, which states that they must comply with the existing legal system.
The US financial regulator launched LabCFTC last May. This is a series of educational materials that should give the public a better understanding of blockchain technology and financial regulation. Int the latest episode LabCFTC states that smart contracts should be regulated by applicable legislation, including the Commodity Exchange Act and AML.
The regulator said it will guarantee that smart contracts comply with these laws for investors protection.
- According to LabCFTC, Nick Szabo created smart contracts in 1998. They can reduce transaction costs and time, reduce money theft and increase the security of the settlements.