U.S. Commodity Futures Trading Commission: Blockchain technology will replace some jobs on Wall Street

A U.S. Commodity Futures Trading Commission (CFTC) commissioner said earlier this week that blockchain technology could replace the jobs of professionals who keep records at financial institutions if it is widely adopted by financial institutions around the world.

In a speech at Harvard Law School on December 1, Commissioner J Christopher Giancarlo focused on new financial technologies and discussed Bitcoin and blockchain technology. (The original speech can be accessed here)

Giancarlo said the open ledger technology underlying bitcoin “has enormous potential to revolutionize the modern financial ecosystem,” citing examples such as the London Stock Exchange, Chicago Mercantile Exchange and others that are investing in blockchain technology.

He noted that if such a change were to happen, those currently working in the financial sector would likely be significantly affected:

“Such a big shift will not be without any follow-up effects, especially for the current financial market that still uses manual record keeping, the new technology may have a great impact on this method. On the other hand, the financial infrastructure has greatly increased costs due to the emergence of new laws and regulatory policies such as the ‘odd-Frank Act’, and blockchain technology will help them significantly reduce costs.”

The U.S. Commodity Futures Trading Commission revealed in September that it was regulating Bitcoin as a commodity and ordered the closure of Coinflip, an unregistered Bitcoin futures platform.

Following this, the case was brought against TeraExchange, citing violations of the Commodity Trading Scheme, which falls under the jurisdiction of the Commodity Futures Trading Commission.

Original article: http://www.coindesk.com/cftc-commissioner-blockchain-cost-wall-street-jobs/
Translation: Prince Gong
Translation: http://qukuailian.com/?P=Cont&id=122