Former CFTC chairman says digital money is the future

Alex Dovbnya

“Crypto Dad” Christopher Giancarlo Wants US To Lead China In Cryptocurrency Adoption

In a recent interview with Fox Business, Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission behind the nonprofit Digital Dollar Foundation, said regulation can provide a competitive advantage.

The United States, as he notes, competes with other countries on a daily basis for regulated trade.

Giancarlo adds that China has now launched a digital yuan as the United States lags behind.

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He further explains that the country that controls the underlying standards will eventually control the new asset class, which will indeed be the future of the currency:

The United States was the leader. The United States was the leader of the space program. And, as a result of that, we have played a leading role in setting the standards for these innovations.

The “Crypto Dad” urges US regulators to play the leading role:

We must also lead these innovations so that the standards for the future of money, the digital future of money are the standards we have always believed in: the rule of law, free and fair open markets and privacy. economic.

“Ride or get knocked over”

Giancarlo compares the digitization of silver to the evolution of photos in recent decades:

Our kids take a photo (a snapshot) on a cell phone, and they can send it anywhere in the world instantly … They don’t understand why they can’t do the same with money.

According to Giancarlo, banks will be challenged in the same way that Kodak’s business model has been disrupted by digital photography.

Either exploit it and ride it, or you get knocked over.