On June 30, 2020 the US Senate Committee On Banking, Housing And Urban Affairs heard the testimony of the Chris Giancarlo. Mr. Giancarlo formerly served as Chairman of the US Commodity Futures Trading Commission and now is Founder of the Digital Dollar Project. He made three important observations ‘”you should read” in his testimony to the US Senate:
1) America’s financial infrastructure has fallen behind times
2) The world is entering an era when things of value, such as money, contracts, stock certificates, land records, cultural assets like art and music, our votes and even our personal identities will be managed and stored in a secure way. While the first wave of the internet is known as the Internet Of Information, the new wave is called the Internet Of Value.
3) The third observation is that, unless we act, this coming wave of the Internet will place an enormous strain on our aged, centralized financial systems. If we do act, however, we can harness this wave of innovation for greater financial inclusion, capital and operational efficiency and economic growth for generations to come.