Commissioner of the US Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, trusts that the present time of innovation makes it trying to affirm recommendations like Bakkt.
Despite the fact that the CFTC has slowed down the endorsement of Bakkt, chief Christopher Giancarlo remains enormously bullish on cryptocurrency and blockchain innovation, addressing them as”exponential.” Known warmly in the network as “Crypto Dad” for his star crypto position, Giancarlo trusts that the motivation behind why Bakkt has been slowed down is on the grounds that we are in another period of innovation which has three particular qualities that make it not the same as all different past stages. These distinction require “a new, differentiated regulatory response.”
The three qualities as itemized by Giancarlo are as per the following:
Primarily, we are living in a time of exponential innovative change. That is, the sheer speed of advancement has expanded exponentially, both as far as generation of new models and items and their resulting open selection. The second trademark is the disintermediation of conventional on-screen characters or plans of action, which can challenge controllers and existing administrative systems. Lastly, the pace and nature of innovation driven advancement require elevated mechanical proficiency crosswise over pioneers in business and government.
Giancarlo is a firm adherent to digital forms of money and trusts that it could’ve counteracted the 2008 financial breakdown:
“Today I want to take stock of the current state of blockchain technology and renew a focus on how it can impact – and improve – our markets. To begin, I want to take you back for a moment to September 2008. That was a perilous time in global financial markets. An enormous US housing bubble had burst triggering a cascading global credit crisis. Concern was rife about imminent investment and commercial bank failure.
I was on Wall Street, serving as a senior executive of one of the world’s major trading platforms for credit default swaps (CDS), then the epicenter of systemic risk. Panic was in the air and tension was on our broking floor trying to maintain orderly markets. I remember a call from a U.S. bank regulator asking about CDS trading exposure of several major banks, including Lehman Brothers. In fact, trading conditions were deteriorating by the hour. It was clear that the regulator had little means, short of telephone calls, to read all the danger signals that the CDS markets were broadcasting.
But imagine what a difference it would have made a decade ago on the eve of the financial crisis if regulators had access to the real-time trading ledgers of large Wall Street banks, rather than trying to assemble piecemeal data to recreate complex, individual trading portfolios.”