“Crypto Dad” Expresses Optimism for Future of U.S. Policy

Former CFTC Chair Giancarlo in Tokyo, March 2024

Coming to Tokyo for the first-ever Decentralized Finance (DeFi) retreat on March 7, former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo offered a fresh take on the future of U.S. policy toward blockchain-based finance. Being appointed by both Presidents Obama and Trump, he has exerted outsized influence on U.S. policy.

Giancarlo made the following points to the DeFi summit, rousing the pro-innovation audience:

• Those who are honest recognize how Web3 is thenext generation of internet. Blockchain-based fintech is the future architecture of finance.
• As this applies to regulation, the job as regulator is not to squeeze out all risk, it is to put in sensible policies and monitoring it.
• However, Giancarlo said recent U.S. policy is working to eliminate any kind of risk. The United States is a victim of its own success in the traditional finance (TradFi system). The United States can be proud the last 30 years of global prosperity would not haven’t taken place without the U.S. dollar as the basic benchmark of value and the dollar serving as a public good for the world. Thus in a country that’s long dominated finance, it is not surprising there has been resistance to transforming the new architecture of finance based on crypto.