Chris Giancarlo is not an obscure name or entity. He is a former chairman of the United States Commodity Futures Trading Commission (CFTC) and he has just landed a new appointment. He has been hired as a senior counsel at Willkie Farr & Gallagher, one of the most reputable law firms in all of New York.
Turn Dollar to Crypto and Cripple the Central Banks
On the 2nd of December, Giancarlo shed more light on his work at the law firm. It was apparent that he was going to continue to remain focused on digital innovation. This is in the niche of blockchain technology and digital currencies. Better known as Crypto Dad to stakeholders in the community, Giancarlo seems to be very excited about his new task.
He explained to the media that he would be dividing his time between working for Willkie customers all over the globe while also devoting time to public issues. In addition to all these, he also made it quite clear that he will not relent in his push for the development of a blockchain-based dollar. He is also an advocate for a new American lending system that will not only displace the London Inter-bank Offered Rate (Libor) but replace it entirely. Some consider his ideas very revolutionary but he does not seem to care.
Giancarlo is a prominent voice when it comes to the advocacy of innovative technologies like blockchain. He is always causing a major buzz on Twitter like when he declared that governments should digitize the dollar. He did not stop at calling for the digitization of the dollar, he also specifically called for the immense power given to central banks be taken away from them.
In essence, he wants the central banks to be rendered useless while the dollar becomes a digital currency. He is also of the opinion that blockchain technology would have been very helpful in handling the 2008 financial crisis. Even though some will find his stance very shocking indeed, he seems to be gaining a lot of supporters.
CFTC Interested in Helping Innovation But with Conditions
Heath Tarbert is the current head of the CFTC and has advocated for the regulation of cryptocurrencies. But this regulation has been described as one that will be based on principles. Tarbert says that regulatory agencies need to first properly comprehend the results and the likely risks that are connected with digital assets. All these should be in place before going ahead with radical ideas, this is the argument of Tarbert's.
According to Tarbert, they do not want to be heavy-handed and kill innovation totally in the process. The CFTC as a body is ready to promote and even support innovation. However, that comes with its own conditions as the promotion of innovation should not be equated to support fraud or corruption in any way. How this is all going to play out is going to be more apparent in the coming days and it is definitely going to be exciting for all stakeholders in the crypto community.