The erstwhile senior U.S. market officer Chris Giancarlo, also known as the “Crypto Dad,” seemed to denounce his successors in Washington as they crack down on the cryptocurrency industry.
Cris during a speech on Wednesday at Consensus 2023 event said that in 2017, The U.S Commodity Futures Trading Commission under him approved regulated futures contracts tied to bitcoin (BTC), and till present, they remain as the sole fully regulated crypto product traded in the U.S. This success, he further added “prove that regulators can engage successfully with crypto if they have the will to do so.”
While not an obvious objection about the ongoing regime in Washington, the opinions did stand out as U.S. markets regulators get resilient on crypto. Members of the industry have asserted that the regulators have been too indistinct on how they view the business and how present laws apply – if at all.
Recently this week, Coinbase, the biggest U.S. crypto exchange, asked a court to interrogate the Securities and Exchange Commission to finally acknowledge its request for substantial clarity.
Giancarlo is a co-chair of law firm Willkie Farr & Gallagher’s digital works practice and published a book in 2021 titled “CryptoDad: The Fight for the Future of Money.”
Other topics including stablecoins were further discussed by him. Cris further elaborated that the U.S. House Financial Services Committee committed a “grave oversight” by not including a single word about privacy in the stablecoin bill reintroduced earlier this month.
Further Cris said that the blockchains that power digital currencies – whether bitcoin, a stablecoin or another privately issued one or a government-issued central bank digital currency (CBDC) – contain vast amounts of data on the behavior of users, which causes some people to be concerned about the privacy implications.