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Ex-CFTC Chair Christopher Giancarlo Stumps for Digital Dollar
"Crypto Dad" made his case for the next evolution of America's greenback.
Former CFTC chairman J. Christopher Giancarlo laid out his case for state-issued digital currencies on CoinDesk TV's "First Mover" program Friday morning.
STORY CONTINUES BELOW
- Speaking as G7 leaders were set to meet with central bank digital currencies (CBDC) on their agenda, the regulator sometimes known as "crypto dad" pushed for a U.S. digital dollar that strikes a balance between privacy rights and society's best interests.
- He also waxed prophetic on the potential reach of China's digital yuan project, saying that while he is not an alarmist on the world's fastest-developing CBDC, governments must remain mindful of its reach.
- "A digital yuan would present the opportunity to basically bypass the global bank based system and arrange for direct payments, and therefore our ability to use sanctions would be diminished," he said.
Read more: Giancarlo: In the Race for Digital Money, the US Most Not Trample Privacy
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
