CFTC Commissioner Mentions Dogecoin as a Use Case for DLT

CFTC Commissioner Rostin Benham mentioned Dogecoin in a positive light when speaking at the ISDA Annual Japan Conference in Tokyo.

Addressing the International Swaps and Derivatives Association(ISDA) annual conference in Japan, Commissioner Benham talked about keeping an open mind for the FinTech sector. He went on to explain in detail about the Distributed Ledger Technology (DLT) and it’s applications.

He stressed the importance of regulatory bodies like the CFTC to understand cutting-edge technologies in the Financial Technology space and assess their impact globally.

While talking about DLT and it’s applications he mentioned Dogecoin and even called it an innovation that is much more than just a technology.

Mr.Benham said:

“Just take a moment to think about all the possible use cases for DLT from agriculture to healthcare, finance to art, CryptoKitties to Dogecoin. These innovations are more than just technology: They inspire us to find solutions for every problem or hurdle we encounter — and sometimes, they are just fun.”

The regulators, especially at CFTC, have taken a deep dive into Cryptocurrencies and Blockchain applications, they have been particular about not stifling innovation with hard regulations. The CFTC approved the first Bitcoin futures back in December last year.

Dogecoin Price Movement

Everyone’s favorite meme coin has pretty much moved sideways since its iconic rise back in early September. It reached a high of $0.0068 in September but has decreased to around $0.0040 at the time of press.

Dogecoin, however, picked up by slightly after finding a bottom of $0.0036. It spiked up to $0.00425 on Saturday after which it has stayed above the $0.0040 mark.

Dogecoin had overtaken Zcash to obtain the 20th position in October but has again lost its place to Vechain and is currently in the 21st position with a market cap of $464 Million.

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