What could the emergence of cryptocurrency and blockchain technology provide to underserved communities?
Increasing access to financial services.
Achieving “The American Dream.”
Closing the wealth gap.
These were the hopeful themes from the Commodity Futures Trading Commission (CFTC) recent roundtable on “Digital Assets and Financial Inclusion.” CFTC Commissioner Kristin Johnson led a wide-ranging discussion that included key Democratic staffers from the offices of Senator Debbie Stabenow (D, MI), Senator Cory Booker (D, NJ) and Rep. David Scott (D, GA), each of whom is involved in current blockchain legislation.
The roundtable itself was produced the Commission’s Office of Minority and Women Inclusion (OMWI), a requirement of Dodd-Frank legislation signed into law by President Obama after the 2008 financial crisis which crushed many investors including those in minority communities. Beginning in 2010, OMWI offices were established across federal agencies including the US Treasury, SEC and CFTC in order to promote voices which may now be critical to the evolution of blockchain technology and cryptocurrency in the U.S. economy and government.
protecting the consumer
In most crypto regulatory discussions, consumer protections are a paramount concern and the roundtable was no different.