The Power Of The Crowd: A New Approach To Financial Regulation – Forbes

Written by Lawrence Wintermeyer

In an era of rising anti-globalization; bitter trade wars between the US and its partners, China and Mexico; Europe in the throes of the rise of populism; and an impending Brexit – it is assuring to know that some of the world’s institutions are still global-minded and focused on how we can all work together to achieve economic progress.

Founded in 1961, the Organisation for Economic Co-operation and Development’s (OECD’s) mandate is to shape policies that stimulate economic prosperity and global trade. The OECD is a forum for countries committed to democracy and the market economy with convening powers that provide a platform to compare policy experiences, seek answers to common problems, identify good practices and coordinate domestic and international policy standards for its 36 members and up to another 150 countries.

Greg Medcraft is the Director for Financial and Enterprise Affairs at the OECD and is a champion for standard setting in the global community. As aformer tier one European banker and securities specialist – in addition to former Australian Securities and Investments Commission (ASIC) Commissioner and International Organization of Securities Commissions (IOCSO) Chair – he has the technical knowledge and experience of the “engine room workings” of global markets regulation combined with the charm of a Saturday evening television compere and the soundbite narrative of a presidential candidate.

Last year, the OECD focused on the role of digital assets and blockchain technologies in transforming society. It convened global policymakers, regulators and industry blockchain and digital assets specialists in a number of forums over the year, culminating in the creation of the OECD Global Blockchain Policy Forum, which will convene again this year on September 12th and 13th in Paris.

I sat down with Greg to discuss his vision for the OECD’s Department for Financial and Enterprise Affairs, how the OECD is using its convening power to move the dial on global standards for blockchain, the importance of blockchain and digital assets, and, how the power of the people can help industry set higher standards for conduct.

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