J. Chirstopher Giancarlo, former Commodity Futures Trading Commission chairman and author of “CrypotoDad: The Fight for the Future of Money”, speaks to Emmanuel Daniel on the evolution of US regulation and policymaking on cryptocurrencies and his views on the future of finance, including SEC’s recent responses to stablecoin and Coinbase.
J. Christopher Giancarlo has been at the forefront of influencing US regulation and policymaking in response to all of the challenges and pressure that cryptocurrencies and the future of money and finance are putting on the US regulatory system.
He spoke about the generation gap where decentralised finance has become a direct rebuke to the institutions of the post-war generation. He believes that regulators need to take a dynamic and principle-based approach to further innovation, rather than dismiss innovation.
“The worst thing that regulators can do is demand that innovation slow down or adapt itself to regulatory convenience. That’s a mistake. Regulators must understand that innovation is going to evolve because of its need to solve real world problems,” highlighted Giancarlo.
The following key points were discussed:
- A generation gap whereby the new generation entering the economy have lost faith in the institutions
- Multiplicity of regulators encourages dynamic and innovative approaches
- SEC’s aggressive clampdown on crypto and the transitory nature of current regulatory responses
- A dynamic but yet principle-based regulator response to meet modern needs
- The key attractions of CBDC to central banks.
- The fight for the future of money and embedding its values
- Measuring GDP in terms of value creation
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