Who Owns the Future?

The ex-CFTC Chair, Chris Giancarlo, dubbed “CryptoDad” by pundits, which is apropos given his boundless support for digital finance, recently provided some comments to Jason Brett in an article on Forbes, Why Chris Giancarlo Considers A Digital Dollar Mission Critical For The World, that align with Drawbridge’s views concerning the future of the financial system and concerns that the U.S. needs to recognize the importance of modernizing the financial system through development of digitized payment systems and infrastructure. This future will include “the Internet of Value,” “peer-to-peer payments,” and, perhaps most importantly, the predominant values underlying the digital system.  As he says, “it’s about who owns the future.”

 

“Sadly, just as U.S. bridges, tunnels, airports and mass transportation systems that were once state-of-the-art have been allowed to decay and deteriorate and, in some cases, become obsolete, the same is true of some of our financial infrastructure. The current financial infrastructure in the U.S., once state-of-the-art, is some cases out-of-date and obsolete and this extends over to our regulatory structures as well….I am concerned that our western financial and regulatory systems may be slow to respond and adapt to this new wave of digitization of assets. We must give our attention to our financial market infrastructure to prepare it for a wave of digitization. So much of history tells us we can lose that quickly. After WWII, the dollar came out ahead of the British pound, that had been so dominant before. If you are not prepared for the future, you will fail to adapt to it.” – Chris Giancarlo

 

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