“Cryptocurrencies Are Here To Stay,” Says CFTC Chairman Christopher Giancarlo
Christopher Giancarlo, the Chairman of the Commodity Futures Trading Commission (CFTC) believes that cryptocurrencies pose a lot of potentials, especially in the countries facing an economic crisis and devaluating fiat. While noting that it would not challenge hard currencies like the US Dollar in any meaningful way.
Giancarlo expressed his belief that the virtual assets are here to stay, in an interview with of CNBC’s Fast Money. He points out toward the proactive measures that the regulatory bodies are taking to avoid fraud and violations and adds that the U.S. must adopt a more thoughtful approach in relation to various aspects of the eco-system.
— CNBC's Fast Money (@CNBCFastMoney) October 1, 2018
When Giancarlo was asked to foretell the future of Bitcoin and other cryptocurrencies, he stated:
I personally think that cryptocurrencies are here to stay. I think there is a future for them. I’m not sure they ever come to rival the dollar or other hard currencies, but there’s a whole section of the world that really is hungry for functioning currencies that they can’t find in their local currencies. There’s 140 countries in the world, every one of them has a currency. Probably two-thirds are not worth the polymer or the paper they’re written on, and those parts of the world rely on hard currencies. Bitcoin [or another] cryptocurrency may solve some of the problems.
After getting Appointed by President Obama to serve as Commissioner in 2013, Giancarlo has taken the chair the commission full time. Often referred to as “cryptodad” by the crypto community, he has often supported and vocalized his support and open-mindedness regarding cryptocurrencies.
In February 2018, Giancarlo alongside Jay Clayton, the Chairman of the Securities and Exchanges Commission spoke in support of the subject of cryptocurrencies. The hearing primarily was to establish that the cryptocurrency ecosystem should be regulated and about the positive potential, it has for the economy as a whole. Market sentiments did observe a change after the hearing, he stated in the hearing:
“We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balance response, and not a dismissive one.”
Giancarlo has been adamant in his belief that over-regulation will curb innovation and thus remarks consistently on this theme. He often cites the example of the internet, which flourished 20 years ago when the US took the responsibility of regulation.
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