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.
Thank you to our sponsors!
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Crypto.com: http://crypto.com
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
Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans - Ep. 578
The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money Ep. 577
Why Presidential Candidate Vivek Ramaswamy Is So Pro-Crypto - Ep. 576
Why the Crypto Industry Is So Upset About the IRS’ Proposed New Tax Reporting Rules - Ep. 575
Sam Bankman-Fried Whisperer Tiffany Fong Spills Some Tea - Ep. 574
The Chopping Block: What Does Binance’s Record $4.3 Billion Settlement Mean for Crypto? - Ep. 573
Why Financial Advisors Are So Excited About a Spot Bitcoin ETF - Ep. 572
Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So - Ep. 571
How Much Money Are Terrorists Actually Raising in Crypto? - Ep. 570
The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation - Ep. 569
How Can OpenSea Regain Dominance After Layoffs and the NFT Market Decline? - Ep. 568
The Chopping Block: Did Blur Cause a Decline in the NFT Market? - Ep. 567
A 20+ Year Sentence? Why the Evidence Against SBF Was Too Hard to Overcome - Ep. 566
Two Genesis Creditors Describe Their Frustrations With the Bankrupt Crypto Lender - Ep. 565
SBF Trial, Day 18: Sam Bankman-Fried Found Guilty on All 7 Counts in Swift Verdict
SBF Trial, Day 17: Closing Arguments Ask: ‘Villain or Good-Faith Actor?’
The Chopping Block: Nic Carter on Hamas’ Crypto Funding, SBF’s Courtroom Collapse, and Dramas Involving Lido and dYdX - Ep. 564
SBF Trial, Day 16: In Final Cross Examination, SBF Gets Caught Again by His Own Words
SBF Trial, Day 15: Prosecutors Hammer Bankman-Fried’s Contradictions With Reams of Evidence
Why SBF's Testimony So Far Has Likely Already Doomed Him - Ep. 563
Create your
podcast in
minutes
It is Free
Pharmacy Podcast Network
Børsen Morgenbriefing
Startitup podcasty
Shift Key with Robinson Meyer and Jesse Jenkins
Wall Street Breakfast