The Depository Trust & Clearing Corporation (DTCC) hosted a blockchain event last month that brought together Capitol Hill and regulatory staff, as well as key stakeholders in the financial services industry.
Titled, “The Blockchain Disruption: Harnessing the Potential of Financial Technology”, the event delved into various aspects of the blockchain technology and discussed how regulators will need to react to DLT and the other public policy questions it raises, including a debate on the pros and cons of open public blockchain networks versus private ones.
During his opening remarks, Mike Bodson, DTCC President and CEO, provided a brief overview of the financial markets. He also explained how DTCC is uniquely positioned to help change the marketplace by leveraging financial technology.
“Given our unique vantage point, we can say with certainty that the fintech revolution—including blockchain—is here,” he said. “Therefore, market participants and policymakers need to be prepared to take advantage of the positive impacts the technology can deliver, while, at the same time, strengthening the structure of investor protections that have been built over the past 70 years.”
Emphasizing on the importance of collaboration, Bodson said it was necessary for stakeholders to work together to develop common standards and a consistent governance model to realize distributed ledger technology’s (DLT) benefits. In addition, he also discussed DTCC’s role to help educate regulators and other government stakeholders.
“We hope today’s discussion helps to advance our collective understanding on blockchain and its potential impact on financial services,” Bodson said. “We look forward to serving as a resource to you and your offices on distributed ledgers as you continue to learn about this technology.”
