The Commodity Futures Trading Commission is on a drive to move into a more technology-centered market environment, its chairman said Wednesday.
"The markets are evolving so fast, the impact of technology is so great. As an agency, we have to understand that evolution," Chris Giancarlo told CNBC on the sidelines of the Singapore Fintech Festival.
Giancarlo, who was confirmed by the U.S. Senate in August, said there is a need for the CFTC catch up with the pace of change in technology, as regulators tend to be conservative.
The CFTC needs to start formulating its policy around market innovations and to use technology to become a better regulator, he added.
The CFTC in July granted New York-based LedgerX, a bitcoin options exchange, the first ever license to clear and settle derivative contracts for digital currencies.