The former commissioner of the Commodity Futures Trading Commission, Bart Chilton advised Obama to take a reasonable approach to digital currency and blockchain technology. Writing for the Op-Ed section in CNBC, Bart Chilton mentioned that, the U.S. is at risk of missing possible economic value by not supporting openly to the technology in its growing future.

He mentioned in his Op-Ed that, “The Securities and Exchange Commission and Commodity Futures Trading Commission have approved certain bitcoin/blockchain-related activities under their jurisdictions. The Internal Revenue Service has opined that digital currencies such as bitcoin are taxed as ‘property.’ While these are all affirmative steps for the disruptive industry and for consumers/investors, more needs to be done.”

Chilton mentioned about the recent advocacy by current CFTC commissioner J. Christopher Giancarlo on the possibility of revisiting CFTC regulations in light of new blockchain applications at CoinDesk’s Consensus 2016 blockchain conference. Citing that he said, President Barack Obama "should heed the call".

Chilton pointed out favorably to the regulatory moves by The European Union. He stated that, “The European Union has developed a business-friendly regulatory regime for e-money and authorized payment institutions, which can operate across EU member states under the so-called "passport" system.”  He further added that, “This approach stands in clear contrast with our fragmented state-by-state regulation of equivalent U.S. institutions.”

He finally mentioned that, there is a huge opportunity that can be tapped into if U.S. government officials to establish an appropriate balance between basic consumer protection regulation and an openness that permits fosters and promotes innovation. Virtual currencies like bitcoin should be used.

Chilton currently works as a policy advisor for international law firm DLA Piper. He previously served as a commissioner from 2007 to 2014, and then held positions in both the White House as well as in Congress.