Former CFTC President Christopher Giancarlo said he expects 2019 to be the year that regulatory authorities could begin to take a stand against cryptocurrencies.
Giancarlo expressed his opinion during an interview given to the industry news station The Block published on October 9, stating:
“I would say that the year 2019 is the year in which there is a growing recognition from the regulatory authorities and the decision makers. They have begun to understand that they need to do more than be aware of them and it is possible to develop some dedicated policies. ”
The Libra stimulates the responses of the authorities
Also, Christopher Giancarlo believes that the regulators will increase their involvement in the crypto space this year due to “a combination of Libra and the prospects for central bank digital currencies”. He also noted that Jay Clayton, the president of the SEC in the United States, probably already “thinks about certain policies that you have to implement.”
Giancarlo also suggested that “the time has come for a close examination of a digital dollar.” According to him, the hegemony of the dollar would be reinforced by such a development:
“I think the status of the dollar as the world’s primary reserve currency should be enhanced by a digital component. This should be done in a way that should not affect the intermediary role of the traditional banking system. It can be done so that traditional financial intermediaries can play a role in a digital component of the dollar. “
Christopher Giancarlo admitted that no
“Sees the Federal Reserve becoming a depository institution, banks would continue to do so and would use a uniform set of technological protocols to provide access to a digital dollar format.”
Christopher Giancarlo was CFTC’s chief until this summer, when he was replaced by Heath Tarbert.