Securities and banking law professor tells Michigan lawmakers that blockchain use at federal agencies could compromise payments.
The article from MLive discusses concerns raised by finance expert Dennis Kelleher about the use of cryptocurrency technology in U.S. government agencies. Kelleher, the president and CEO of Better Markets, warns that integrating blockchain and other crypto technologies into government operations could pose significant risks. He highlights issues such as the potential for fraud, security vulnerabilities, and the lack of regulatory oversight which could lead to financial instability and loss of public funds. Kelleher's critique comes in the context of growing interest in blockchain for government applications like secure voting systems, identity verification, and financial transactions. He argues that while the technology promises efficiency and transparency, its current state of development and the associated risks make it unsuitable for critical government functions.
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