Head of US banking regulation: blockchain could fundamentally change the country’s financial sector

U.S. money controller Brian Brooks in an interview with Forbes highlighted the important role of blockchain technology in the development of the national financial system.

So, according to him, distributed registry technology has great potential for creating the interaction of various types of data in a decentralized network that can be generated without barriers. At the same time, Brian Brooks admitted that at the moment many states are focused on modernizing payments, so the United States needs to keep up with the times. “We lagged behind the UK and other countries in terms of faster transactions,” he said, emphasizing that it took the Federal Reserve a decade to achieve what we have today, but these developments are becoming more insignificant compared to those advantages that offer modern technologies, such as blockchain, operations with which are instantaneous and unchangeable.

At the same time, a representative of the department noted that he was not committed to creating a national crypto asset, noting. “I think that the US Federal Reserve and the Securities and Exchange Commission should create standards for what such a digital currency should be, having developed an appropriate legal framework,” he concluded.