Former CFTC Chair to lobby for digital dollar with new role at law firm

Former Chairperson of the U.S. Commodity Futures Trading Commission (CFTC) took up a new role as Senior Counsel at New York-based law agency Willkie Farr & Gallagher, where he announced that he would continue to insist on the digital dollar and all the innovations surrounding a digital economy.

Chris Giancarlo completed his five-year term with CFTC this year, during which he earned the title “Crypto Dad.” Under his administration, the first-ever Bitcoin futures services were introduced to the American market. He also advocated for a standardized and receptive approach to new technologies like the distributed ledger technology that will help the American market to evolve and grow as, according to him, turning a blind eye to such innovations is not going to make them irrelevant. 

Crypto Dad will continue to push for digital dollar and new technologies

Giancarlo, with his new role as a Senior Counsel, has reported that he will continue to drum up support in favour of technologies like cryptocurrencies and blockchain and emphasize on bringing about the necessary reform to launch the blockchain-based digital dollar.

While I continue to work with Willkie Farr & Gallagher in serving the clients with the best of my abilities, I will also continue working on issues that concern public interests such as introducing the digital dollar, growth of new technologies, and a possible replacement for Libor, he explained. 

Meanwhile, the new Chairperson of CFTC, Heath Tarbert, commented that the regulators do not want to suppress innovation but rather take a pragmatic approach before enforcing any laws. He says that the regulators would need to carefully evaluate the positive and the negative aspects before regulating them. Our receptivity and openness to the growth of innovation must not be confused with leniency towards fraudulent and criminal activities, Tarbert asserted. 

Last month, Tarbert also expressed his optimism over Ether futures and said that the product could soon become reality, as early as next year.

Featured Image by Pixabay

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