United States Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo says that blockchain technology would have allowed for a “far faster, better-informed, and more calibrated regulatory intervention” in response to the 2008 financial crisis.
Giancarlo made his remarks during a speech — entitled “The New Futurism: 21st Century Financial Markets, Technology and Regulation” — which was delivered at the Commissione Nazionale per le Societa e la Borsa (CONSOB) in Rome, Italy on June 3.
Giancarlo devoted the first part of his speech to reflections on blockchain and the 2008 financial crisis — both in regard to the latter’s unfolding and aftermath. He noted his own vantage point at the time as a senior executive on Wall Street at GFI Group. GFI operated a trading platform listing credit default swaps, he noted, situating it at the very epicenter of systemic risk.