Without Bitcoin there will be no DLT, says CFTC Chairman

“It is important to remember that if there were no bitcoin, there would be no distributed ledger technology (DLT),” Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, told Arkansas State Senator Tom Cotton when asked about the value of the technology behind cryptocurrency, particularly bitcoin.

In his comments, Giancarlo noted that cryptocurrency and technology are invariably linked, and that the technology has “tremendous promise” for a variety of applications. The comments came during a two-hour meeting of the US Senate Banking Committee in front of a packed audience, and covered topics such as potential new regulations, ICOs and volatility in the cryptocurrency market. In addition, Giancarlo said the technology's potential applications in areas such as financial market infrastructure and endowment management are promising.

In his written comments, Giancarlo reiterated the potential use cases for blockchain that he has previously discussed.

In his keynote speech, Mr. Giancarlo wrote that the technology has "the potential to improve cost efficiency, reduce centralized system risks, protect against fraudulent activity, and improve data quality and management." 

“When technology is tied to virtual currency, it is intended to be a means of storing assets, facilitating secure payments, facilitating the transfer of assets, and enabling new programs.”

SEC Chairman Jay Clayton, responding to Cotton's question, said that verification and accounting programs, namely the use of distributed accounting technology, are the most important uses of it.

Subscribe to our news at Telegram

According to https://www.coindesk.com