Former CFTC chairman Christopher Giancarlo talks about how his experience of the financial crisis piqued his interest in blockchain technology, why the CFTC thought the introduction of Bitcoin futures would help pop the 2017 Bitcoin bubble, and how "there's no simple answer" to explain when a token goes from being a security to a commodity. He discusses why he believes there needs to be a "refresh" of regulations written decades ago that are difficult to apply in a digital world, why he thinks Libra represents a fundamental generational change and why he thinks the project should be allowed to go forward. We also cover the Chinese digital yuan, why the USD should not assume that its global dominance today will translate into global dominance tomorrow, and his own proposal for a digital dollar, which he dubs "Zelle + JPMorgan Coin." Plus, he gives the behind-the-scenes look at why he decided to speak "as a dad" in the Congressional hearing that made him an overnight crypto celebrity.
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Episode links:
Christopher Giancarlo: https://twitter.com/giancarloMKTS
https://www.cftc.gov/About/Commissioners/JChristopherGiancarlo/index.htm
CFTC: https://www.cftc.gov/
Chamber of Digital Commerce: https://digitalchamber.org/
Let the technology evolve before regulating/CFTC is behind on regulating: https://www.coindesk.com/cftc-chair-says-regulator-is-behind-on-blockchain
Popping the Bitcoin bubble: https://www.coindesk.com/trump-administration-popped-2017-bitcoin-bubble-ex-cftc-chair-says
Talks with Facebook pre-Libra launch: https://www.coindesk.com/facebook-holds-talks-with-cftc-over-globalcoin-cryptocurrency-report
The introduction of Bitcoin futures helping to pop the crypto bubble: https://www.frbsf.org/economic-research/publications/economic-letter/2018/may/how-futures-trading-changed-bitcoin-prices/
Wall Street Journal op-ed proposing a digital dollar: https://www.wsj.com/articles/we-sent-a-man-to-the-moon-we-can-send-the-dollar-to-cyberspace-11571179923
Initial confusion over LedgerX not receiving approval or disapproval within 180 days to launch Bitcoin futures: https://www.coindesk.com/what-happened-why-the-first-us-physical-bitcoin-futures-contracts-havent-launched
CoinDesk article with emails from LedgerX on CFTC dispute: https://www.coindesk.com/ledgerx-claims-personal-animus-drove-ex-cftc-chair-to-stall-approvals
Commodity Exchange Act: https://legcounsel.house.gov/Comps/Commodity%20Exchange%20Act.pdf
Emails sent from LedgerX to the CFTC: https://static.coindesk.com/wp-content/uploads/2019/09/19-00104-FOIA-Records.pdf
Paul Chou’s blog post summarizing what happened: https://blog.ledgerx.com/let-me-set-the-record-straight/
More context from Noelle Acheson on the dispute: https://www.coindesk.com/derivatives-drama-the-unintended-consequences-of-crypto-regulation
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The Chopping Block: Is This the Beginning of the End for Binance? - Ep. 474
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Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ - Ep. 472
The Chopping Block: Why AI Will Change the Course of History in Crypto - Ep. 471
Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US - Ep. 470
Jim Bianco on Why the Banking System Has Always Been Broken - Ep. 469
The Chopping Block: Was Crypto Just Debanked? - Ep. 468
How Will ETH React to Ethereum’s Shanghai Upgrade? - Ep. 467
The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks - Ep. 466
Grayscale v. SEC: Who Won This Week’s Hearing? - Ep. 465
ETH Denver Debate: Should Testnet ETH Be Free or Have a Price? - Ep. 464
The Chopping Block: Is Coinbase’s Base ‘the Binance Smart Chain for White People’? - Ep. 463
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Have Crypto Detectives Killed the Cypherpunk Dream? - Ep. 461
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Is Gary Gensler on a Mission to Put Crypto Down for Good? - Ep. 457
The Chopping Block: The SEC Is Attacking Crypto – Will Gary Gensler Succeed? - Ep. 456
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