CFTC Commissioner: The blockchain could cost recordkeeping professionals their jobs

Announcements | December 3, 2015 By:

During a wide-ranging guest lecture hosted by the Harvard School of Law, US Commodity Futures Trading Commission Commissioner J Christopher Giancarlo said that, if broadly adopted by the world’s financial institutions, the blockchain could cost recordkeeping professionals their jobs.

The Commissioner said that blockchain has “the potential to revolutionize modern financial ecosystems”, pointing to examples like the recent blockchain working group established by the London Stock Exchange, the CME Group and several European banks and trade settlement organizations.

“This transformation will not come without consequences, however, including a greatly disruptive impact on the human capital that supports the recordkeeping of contemporary financial markets. On the other hand, the blockchain will help reduce some of the enormous cost of the increased financial system infrastructure required by new laws and regulations, including Dodd-Frank,” said Giancarlo.

The US Commodity Futures Trading Commission is an independent agency of the US government created in 1975, that regulates futures and option markets.