Smart contract coders could be held liable if they knowingly use blockchain technology to create functions that are deemed as predictive “event contracts,” according to a U.S. regulator.

Speaking at an event in Dubai on Tuesday, Brian Quintenz, a commissioner at the U.S. Commodity and Futures Trading Commission (CFTC), explained his views on how old laws can be applied to new technologies such as blockchain and smart contracts.

In his remarks, Quintenz noted that smart contracts can be “easily customized and are almost limitless in their applicability” to the extent they can even be used to replicate traditional financial instruments.

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