Christopher Giancarlo, chairman of the United States Commodity Futures Trading Commission (СFTC), has said that blockchain would have transformed regulators’ real-time responses to the the 2008 global financial crash, if it had been in use at the time. Giancarlo made his remarks during the 4th Annual DC Blockchain Summit in Washington D.C. on March 6.
In his speech, Giancarlo drew on his personal experience as executive vice president at brokerage giant GFI Group — which, in 2008, as he noted, operated one of the world’s largest trading platforms for credit default swaps (CDS), “then the epicenter of systemic risk.” He recalled the panic and disorder on the GFI broker floor, as the global credit crisis cascaded out of control:
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