President Trump is expected to create a regulatory framework for 'digitized' stocks and bonds that could be traded over the blockchain, according to Wall Street executives. This follows discussions by BlackRock CEO Larry Fink on the need for digitized securities and blockchain use in clearing trades. The potential move comes as Wall Street firms explore ways to leverage blockchain and crypto technology to serve customers.
President Trump is such a crypto convert that Wall Street executives believe he is poised to create a regulatory framework for “digitized” stocks and bonds that could be traded over the blockchain, On The Money has learned.
Fink, a relatively recent convert to crypto himself, pointed out how other countries are years ahead of the US in integrating blockchain technology – which is designed to eliminate middlemen in transactions – into their financial systems.Brazil is among those that have adopted so-called decentralized finance for cross-border transactions with financial players in the country, Fink noted.
Trump has assembled a task force to promote AI and crypto that is led by David Sacks , the Silicon Valley entrepreneur and venture capitalist.. According to people with knowledge of the matter, Sacks will eventually have the digitized stock and bond markets on his increasingly large agenda. Sacks declined to comment.
The blockchain itself verifies transactions in real time through so-called “nodes” or people who validate the activity.
Finance CRYPTOCURRENCY BLOCKCHAIN STOCK MARKET REGULATION WALL STREET
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