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 concentrate on digital innovation in areas resembling cryptocurrencies and blockchain. Giancarlo, often known as “Crypto Dad,” commented on his new position:
“I will divide my time between assisting Willkie clients in their worldwide commercial ventures and focusing on key issues of public interest…Among other things, I will continue to advocate the development of a blockchain-based digital dollar and a new American lending benchmark to replace Libor.”
Giancarlo turned a widely known main advocate for modern applied sciences resembling blockchain and one thing of a Twitter movie star when he mentioned that governments should digitize the greenback and take energy away from central banks.
Another well-received remark by Giancarlo was that blockchain know-how would have allowed for a “far faster, better-informed, and more calibrated regulatory intervention” in response to the 2008 monetary disaster.
While Giancarlo was chairman of the CFTC, the primary Bitcoin (BTC) futures merchandise had 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 develop into a actuality.
CFTC doesn’t wish to snuff out innovation
The present chairman of the CFTC, Heath Tarbert, has known as for “principles-based regulation” for cryptocurrencies. According to 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 want to do is take a heavy hand and snuff out innovation altogether,” Tarbert argued. The government 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 method.