CFTC Commissioner Says We Are Witnessing a 'Revolution', Cryptocurrencies Are a 'Modern Miracle'

US Commodity Futures Trading Commission Commissioner Rostin Behnam labeled cryptocurrencies as a "Modern miracle" at a recent summit, sharing a bullish stance on virtual currencies and predicting that blockchain technology will remake economic, social and political structures.

Behnam discussed cryptocurrencies at the June 4 BFI Summit "Fostering Open, Transparent, Competitive, And Financially Sound Markets," emphasizing the importance of leveraging the potential benefits of blockchain technology in order to "Transform the world into something wonderful."

The CFTC Commissioner referenced the recent partnership launch between Blockchain, the United Nations Development Programme, the UN Refugee Agency, and the World Economic Forum.

The United Nations Development Programme recently published a white paper titled "The Future is Decentralized" in order to provide policymakers and regulators with a deeper understanding of blockchain technology.

Blockchain technology, according to the CFTC Commissioner, is the future - and it's here now.

Despite sharing a decidedly bullish perspective on the future of crypto assets, Behnam remains cautious regarding the potential misuse of blockchain technology.

"We have been providing oversight in our markets, especially to make blockchain and other technologies more transparent and to ensure that the markets are free from fraud and manipulation. It isn't easy. Some people call this new technology 'the Wild West.' I guess my agency is the equivalent of Wyatt Earp in Tombstone."

Blockchain technology can't be avoided.

The blockchain, states Behnam, will transform wealth distribution, governance, health care, agriculture and even the CFTC itself.

"Blockchain is more than technology: it is an advance that reaches out into every aspect of life. We could use Blockchain to address the most basic, the most primal problems on our planet: corruption, income distribution, poverty, food and health care."