The Future of Blockchain

The Future of Blockchain- Expectation Vs Reality

In my (J. Christopher Giancarlo- chairman at U.S Commodity Futures Trading Commissioner ) five years journey at Commission I learnt a lot of about farmers of America, ranchers, producers, energy firms and other users of commodity futures depending on CFTC-regulated markets for their risk management requirements. It has been honor to work with crypto community, distributed ledger technology and fintech broadly. The fantastic community of bright, vibrant gave him the chance to serve as chairman and humbled by the moniker of ‘’Crypto Dad’’. I was amazed at the swift pace of change in some issues seen when I was being sworn back in 2014. With a view to reconstructing Wall Street at the time of the gigantic crisis in America in more than 70 years, the CFTC was closing five intense years of feverishly writing Dodd-Frank rules.

That the virtual currencies, DLT and fintech would turn into such a major part of the conversation for our agency it was unbelievable to him. Some issues are challenging the work of regulators among these one is technological advancement, disinter-mediation of trading actors and business models and the need of technological literacy and large data capacity.

Momentum of Change

As our life cycle is changing with the change of time, the world’s trading markets are also evolving with it from analog to digital and stand-alone centers to interconnected trading webs. Upgraded technologies are affecting the trading markets. When I was chairman it was my belief that to remain an effective regulator in CFTC, It helps to keep pace with the change. But CFTC has been no onlooker to the digitalization of modern markets. LabCFTC was just launched so that we could be more accessible to market innovators, and more proactive in our understanding new technologies. LabCFTC has had over 250 separate interactions with innovators big and small which was launched two years ago. The innovation doesn’t want to pick winners from losers. Rather it provides us with internal and external focus. Here external refers to the learning about and reaching out technological change and market evolution at the time of issuing a dedicated liaison to innovators. With a great proud to say that, LabCFTC has become a category leader.

Protection of Free markets

I trust that we are in such point where innovation can help us meet the challenges. Instead of going for potential solutions, we should view them through the prism of an enduring ideal is the value proposition of free market capitalism. Free of political interfaces, open and competitive markets, personal choice, combined with free enterprise, voluntary exchange and legal protection of person and property occur broad and sustained prosperity is the proposition. Well-managed and well-ordered exchanging action is viewed as a discussion of human self-articulation and monetary headway under free market capitalism. Free market capitalism isn’t a wellspring of hopelessness and abuse; free market capitalism is the counteractant. We should clarify ourselves, our friends, and future ages of the idea that there is anything appealing or optimistic about political control of business sectors and human venture.

It pounds human freedom and society. It empowers maltreatment by a chosen few who practice unbridled control over many. Those who are innovators their thought is different and they think free markets ought to be the natural choice of today’s innovators where controlled economies are dream destroyers. My own opinion is that we can renew faith in free markets for ourselves and our children. Involvement in a structural way can be possible through new technologies and global trading methodologies, regulatory oversight, proper balance of sound policy.

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