Ultimately, Giancarlo feels governmental currencies will come together with corporate cryptocurrencies and, presumably, open-source communities like bitcoin and ethereum. Government crypto, said Giancarlo, might try to intrude on privacy, something that blockchain can prevent.
In this video from WEF 2020, former Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, also known as “Crypto Dad”, discusses his push to digitize the U.S. dollar and the future of global currencies.
«We believe that the dollar usage in the global economy is underserved by serving as a continual analog instrument in a digital world,» he said. «We’re going to think through how to create a digital dollar that serves well into this coming digital century.»
«Let’s envision a world where you have a Chinese central bank currency, you have a commercial cryptocurrency like a Libra and you have a U.S. dollar digital currency,» he said. «In those three worlds, one government is going to want to know every transaction, and especially transactions to political opponents to freedom … and even whether you’re shopping with Target or whether you’re shopping with Nordstrom.
«We think in a digital dollar people could see their information being more secure, not less.»
Ex-CFTC Chair ‘Crypto Dad’ Giancarlo Joins Digital Chamber Trade Group
“Crypto Dad” just can’t stay away.
Former Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo has joined the advisory board to the Chamber of Digital Commerce, a trade group focused on blockchain and crypto policy in the U.S.
Giancarlo helmed the CFTC for two years, following a three-year stint as a commissioner with the agency. Under his watch, the CFTC allowed the first bitcoin futures products to enter the space.
Most famously, Giancarlo told the U.S. Senate Banking Committee that, in his view, “‘do no harm‘ is the right overarching approach” for the blockchain space. His recommended approach earned him the nickname “Crypto Dad” from the community, a moniker he has embraced.
In a statement Tuesday, he said “the Chamber is at the epicenter of this emerging field of technology that can only be described as a movement”, adding:
“I’m looking forward to joining this group of advisory board leaders, from many fields and areas of expertise, whom are already working to promote the adoption of this transformative technology. It is my hope that together we can streamline and modernize the regulatory environment and encourage further blockchain innovation.”
Perianne Boring, the Chamber’s founder and president, said in a statement that Giancarlo would add his “substantial knowledge” to the group’s board, citing his experience with the financial markets and his past efforts in “encouraging advancements in technology.”
“We are entering a new phase of blockchain advocacy”, she told CoinDesk. “As the world’s leaders are convening to discuss the future of the international financial and monetary system, crypto and blockchain are increasingly playing a key role in these discussions. Chris Giancarlo’s valuable expertise will be critical as we continue to move the industry forward.”
The Chamber, founded in 2014, recently celebrated its fifth birthday by inviting its members to meet with members of Congress and Congressional staffers to educate lawmakers about the potential uses and benefits of the technology.
In February, the group called on the U.S. government to develop a national framework for blockchain and cryptocurrency legislation.
The U.S. risks falling behind other nations if it does not, Boring has said in the past.
Since leaving the CFTC, Giancarlo has also joined the board of directors to the American Financial Exchange, an electronic interbank lending system.
