Former CFTC Chair to Stay Centered on Crypto and Blockchain at New Regulation Agency

Former United States Commodity Futures Buying and selling Fee (CFTC) chairman Chris Giancarlo was employed as senior counsel on the New York-based legislation agency Willkie Farr & Gallagher.

Digitize the greenback and take energy away from central banks

On Dec. 2, Reuters reported that Giancarlo in his new position at Willkie Farr & Gallagher will proceed to deal with digital innovation in areas corresponding to cryptocurrencies and blockchain. Giancarlo, also referred to as “Crypto Dad,” commented on his new position:

“I’ll divide my time between aiding Willkie shoppers of their worldwide industrial ventures and specializing in key problems with public curiosity…Amongst different issues, I’ll proceed to advocate the event of a blockchain-based digital greenback and a brand new American lending benchmark to switch Libor.”

Giancarlo grew to become a well known main advocate for modern applied sciences corresponding to blockchain and one thing of a Twitter superstar when he said that governments should digitize the greenback and take energy away from central banks.

One other well-received remark by Giancarlo was that blockchain expertise would have allowed for a “far quicker, better-informed, and extra calibrated regulatory intervention” in response to the 2008 monetary disaster.

Whereas Giancarlo was chairman of the CFTC, the primary Bitcoin (BTC) futures merchandise have been allowed within the U.S. He additionally expressed his perception that Ether (ETH) is a commodity and that ETH futures buying and selling will change into a actuality.

CFTC doesn’t need to snuff out innovation

The present chairman of the CFTC, Heath Tarbert, has called for “principles-based regulation” for cryptocurrencies. In keeping with the chairman, regulators ought to first totally perceive the outcomes and potential dangers of digital belongings earlier than imposing their guidelines. “What we don’t need to do is take a heavy hand and snuff out innovation altogether,” Tarbert argued. The manager added that the CFTC’s willingness to permit innovation to develop shouldn’t be confused with a tolerance for fraudulent habits or a so-called light-touch strategy.