Chris Giancarlo, who is the former chairman of the United States Commodity Futures Trading Commission, was just hired as the senior counsel at the Willkie, Farr & Gallagher law firm. The law firm is based in New York City. The law firm aims to digitize the United States dollar and take power away from central banks.
On December 2, it was reported that Giancarlo will continue the firm's focus on digital innovation around topics including blockchain and cryptocurrencies. Giancarlo, who has earned the nickname of "Crypto Dad," said that he plans to spend his time assisting the law firm's clients in their worldwide ventures for commercial purposes as well as focus on other issues that are of public interest. He plans to continue advocating for the development of a blockchain-based United States dollar and a new lending benchmark that will replace Libor in the United States.
Before landing his new job at the Willkie, Farr & Gallagher law firm, Giancarlo became well-known for his work in advocating for innovative technology, such as blockchain. He also became a sort of quasi-celebrity on Twitter when he tweeted that governments should digitize the dollar and get the power away from centralized banking institutions.
Giancarlo also tweeted that blockchain technology would make for faster, more informed and more calibrated regulatory interventions, such as what happened with the Great Recession of 2008. Giancarlo's service as the chairman of the CFTC had him standing guard when Bitcoin futures products were allowed in the United States. At that time, he said that he believed Ether was a commodity and that futures trading of it would become a reality.
As for the current chairman of the CFTC, Heath Tarbert, there is a call for a principles-based regulation setup for cryptocurrencies. The chairman says that regulators should first understand the potential outcomes and risks of digital assets before enforcing any rules. He added that he does not want the agency to use a heavy hand and put an end to innovation. Tarbert also stated that a willingness to allow innovation should not be confused with tolerance for cryptocurrency fraud.