I understand that here in Sante Fe, you have a number of important efforts underway, including proposals involving model laws that would govern Market Conduct Surveillance and Property and Casualty Insurance regulation. The institutions we supervise face the same challenges: competition on a growing number of fronts from unregulated entities, and consumers who are more sophisticated about choosing financial products.
Blockchain-based technologies offer up the chance of simplifying complex intermediation processes for payment and settlement activities. Virtually all payment service providers are therefore currently looking for ways to apply this technology. Its use in payment transactions is an obvious choice, as the cryptocurrency bitcoin has already been created for this purpose. But does it make sense to use blockchain in this of all areas?