Distributed ledger technology, or DLT, is the advancement that underpins an array of new financial products, including cryptocurrencies and digital payment services. Many have identified DLT as the next great driver of economic efficiency. Some have even compared it to productivity-driving innovations such as the steam engine and personal computer.

Our task, as market regulators, is to set and enforce rules that foster innovation while promoting market integrity and confidence. In recent months we have seen a wide range of...