A commissioner for the US Commodity Futures Trading Commission (CFTC) said earlier this week that, if broadly adopted by the world’s financial institutions, the blockchain could cost recordkeeping professionals their jobs.
Giancarlo said that the open ledger underlying bitcoin 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.
Should such a revolution happen, he noted, the impact on those working in the financial sector today could be significant:
The CFTC revealed its intent to regulate bitcoin as a commodity in September, when it ordered an unregistered bitcoin options platform, Coinflip, to close.
The agency later settled with TeraExchange over violations of the Commodity Exchange Act, the regulation from which the CFTC derives its jurisdiction.
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