Commodity Futures Trading Commission outgoing chairman, J. Christopher Giancarlo, discussed current challenges and certain of his accomplishment during testimony before the House Subcommittee on Agriculture last week. Among other things, Mr. Giancarlo identified the need for the CFTC to become a 21st century regulator and noted the launch of LabCFTC under his watch to help achieve that requirement. However, he bemoaned that LabCFTC lacks the legal authority to “test, demo and generate proof of concepts around these complex emerging technologies and systems.” As a result he said, the CFTC cannot leverage opportunities to help the derivatives markets as well as the CFTC’s own activities. He encouraged Congress to pass legislation to grant the CFTC relevant authority. During his testimony, Mr. Giancarlo also expressed his expectation that the CFTC would propose a revised position limit rule prior to June 30, 2019, and by the time he left the Commission, would authorize a proposal dealing with the registration of non-US clearinghouses clearing swaps for US persons. Mr. Giancarlo also observed that, because of the “explosion in interest in cryptocurrencies,” he anticipated new applications for derivatives clearing organizations. He noted that, for such entities, the “protection of cryptocurrencies will be one of the highest risks.” Mr. Giancarlo is expected to be succeeded by Heath Tarbert, currently Acting Undersecretary for International Affairs, US Department of Treasury.