I had seen the financial crisis unfold, and I had seen the credit derivatives market get operationally ahead of itself, which resulted in systemic risk counterparty exposures. I began to believe that distributed ledgers had the capability to tackle that problem.

I spent my whole career thinking about risk, markets, infrastructure, and regulation. I had seen the financial crisis unfold, and I had seen the credit derivatives market get operationally ahead of itself, which resulted in systemic risk counterparty exposures. I began to believe that distributed ledgers had the capability to tackle that problem.

The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes.

Managing and navigating through a financial crisis is no fun at all.

There are downsides to implicitly trusting banks, as the 2008 financial crisis showed.

Not every business cycle has a financial crisis. Frequently they do.