Unchained Christopher Giancarlo on the Craziness of Becoming 'Crypto Dad' - Ep.145
Nov 12, 2019
Christopher Giancarlo, former chairman of the CFTC and dubbed 'Crypto Dad', dives into his timely insights on regulation and innovation. He reflects on the financial crisis that sparked his interest in blockchain and advocates for modernizing outdated regulations. Giancarlo discusses the implications of Bitcoin futures, the unique challenges of classifying digital assets, and the potential impact of Libra and the Chinese digital yuan. He hints at his vision for a digital dollar with a blend of existing innovations while emphasizing the need for thoughtful oversight.
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2008 Financial Crisis Experience
- Giancarlo's company's platform traded credit default swaps during the 2008 financial crisis.
- This experience highlighted the need for better real-time market data, sparking his interest in blockchain.
Bitcoin's Emergence and Blockchain's Potential
- Bitcoin emerged during the 2008 financial crisis, a time of distrust in traditional finance.
- Blockchain can improve regulatory oversight by providing precise, real-time data on market interrelationships.
CFTC's Approach to Bitcoin Futures
- The CFTC recognized Bitcoin as a commodity.
- They allowed Bitcoin futures to self-certify, expecting it to stabilize the market.