There is unlikely to be any immediate oversight of blockchain technology but U.S. regulatory figures are watching the industry very closely for the first signs of problems.

State and federal figures are currently weighing up their approach, and have warned that transparency claims heralded by a proponent of distributed ledgers is not necessarily a positive.

Adriana Rojas, associate counsel at the Federal Deposit Insurance Corporation (FDIC), an independent Congress body which monitors financial stability, said being able to view transactions but not act made it less appealing to a regulator.

“If we can see it, can see where it is going but can’t stop it, if someone has inserted code or a bot into the chain that can derail the system then that is a huge risk for a federal regulator which has to deal with the potential failure,” she said.

“That is why we are looking at it. Blockchain is not that fast, but if in three to five years it does and is adopted widespread by the financial industry it is a risk for the FDIC.”

Despite this, Rojas, speaking at the Blockchain and Distributed Ledger Technology conference in New York earlier this week, said the agency was on the whole positive