Christopher Giancarlo, chairman at the Commodity Futures Trading Commission (CFTC), recently said that blockchain technology has “tremendous potential” for the market while also stating that, had we had the technology in 2007-08, regulators could have been much more accurate with their solutions in the wake of the Great Recession.
Blockchain technology will ultimately allow regulators to map the entire financial-regulatory system with utmost accuracy for the first time. “Financial cartography is the what blockchain gives us,” Giancarlo said while claiming it’s a tool which “we want to be at the forefront of exploring and understanding.”
Although the U.S. Securities and Exchange Commission has been lagging behind on its many pending approvals for blockchain-related projects, Chairman Giancarlo seems certain that the blockchain will be instrumental to regulation in the future. He says that the CFTC will certainly lead this transformation among regulators..