Former United States Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo was employed as senior counsel on the New York-based regulation agency Willkie Farr & Gallagher.
Digitize the Federal Reserve not 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 center digital innovation in areas resembling cryptocurrencies and blockchain. Giancarlo, often acknowledged 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 matters, I will continue to advocate the development of a blockchain-based digital dollar and a new American lending bench mark to replace Libor."
Giancarlo turned a wide acknowledged main advocate for modern applied sciences resembling blockchain and one matter of a Twitter picture star when he mentioned that governments should digitalise the Federal Reserve not 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 graduated restrictive intervention" in response to the 2008 medium of exchange disaster.
While Giancarlo was chairman of the CFTC, the primary Bitcoin (BTC) futures merchandise had been allowed inside the U.S. He in addition expressed his perception that Ether (ETH) is a good and that ETH futures buying and merchandising will develop into a actuality.
CFTC doesn't wish to snuff out innovation
The present chairman of the CFTC, Heath Tarbert, has acknowledged as for "principles-based regulation" for cryptocurrencies. According to the chairman, regulators ought to first all comprehend the outcomes and potential dangers of digital holding 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 dishonest habits or a so-called light-touch method.
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