logo

CFTC science contest to help weed out unregistered securities sales

CFTC science contest to help weed out unregistered securities sales

The CFTC science contest is live. The competition organized by the Commodities and Futures Trading Corporation focuses on developing tools that will help track foreign players operating illegally in the United States derivatives sector and offering unregistered securities. Project Streetlight developers are being encouraged to create solutions that help refine the trading products through DLT innovations.

CFTC science contest aims to weed out nefarious derivatives elements

The ongoing CFTC science contest has been organized in collaboration with its fintech branch LabCFTC. The unregistered offerings in the derivatives sectors have been a source of concern for the U.S. regulatory body. The rising number of unregistered crypto securities is creating a headache for the agency.

Developers participating in the CFTC science competition will use artificial intelligence and blockchain technology to help identify malicious foreign entities who may have skipped registration before offering securities products. Tracking of unregistered Bitcoin derivatives features high on CFTC’s agenda.

Melissa Netram of LabCFTC says that Project Streetlamp is a first-of-its-kind initiative that will shed light on unregistered securities sales that are going right under the nose of the authorities. She outlines the importance of the developer community in helping the governments track down the nefarious elements in the crypto derivatives sector and help protect the investors.

CFTC Chairman Heath Tarbert states that the agency must encourage innovative initiatives like LabCFTC can significantly enhance the transparency in the crypto derivatives sector. It will help the authorities in protecting consumers against malicious elements and safeguard investor funds.

RED List of CFTC to check unregistered securities

The CFTC maintains a RED list that includes the names of entities that are registration deficient. The list is updated regularly. Consumers that call CFTC to identify potentially unauthorized offerings are identified and appropriate action taken against such entities. Investigations are undertaken to weed out malicious entities.

Winners will be crowned as ‘Innovator of the Year,’ but there is no monetary prize on offer. However, CFTC science contest does not own the projects created during the Streetlight Project.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Cardano price analysis: ADA rides bullish wave as buyers target $0.58 next
Dogecoin price analysis: DOGE swiftly reacts at $0.075 again, another move lower next?
Bitcoin price analysis: BTC ready for big short as bulls knock on $25k
CFTC charges Ohio Man for running a $12M BTC Ponzi scheme
Vauld fights back after ED freezes its $46M assets

Follow Us

Industry News

Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange
Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?
MakerDAO is “seriously” considering moving away from USD