While speaking at the Milken Institute 21st Global Conference in Beverly Hills, California, Christopher Giancarlo said the Bitcoin craze was ‘generational’. He believes that cryptocurrencies emerged as a response to the stock market crash of 2008, saying:
“I think there is a generation that also has lost faith in us that led them through the financial crisis and they see technology as a way of disintermediating institutions for which they don’t have a great deal of respect.”
The Chairman of the United States Commodity Futures Trading Commission, who was collectively appointed “CryptoDad” by the Internet community, believes that Bitcoin and blockchain are not so easily separated. He said:
“We need to take a moment and respect this generation’s interest in this new instrument (bitcoin).”
He is known for his open approach to virtual currencies, stating that regulatory parties like the CFTC and SEC operate under rules and regulations established in the 1930s, and that:
“Bitcoin and a lot of its other virtual currency counterparts really have elements of all of the different asset classes, whether they’re meeting payment, whether it’s a long-term asset.”
Giancarlo, whose term ends in 2019, is looking to regulate cryptocurrencies and to recognize its impact on society. He believes that while Bitcoin may not be an ideal form of payment, it is better suited for a long-term buy and hold strategy.
The CFTC was recently in the news for the statements of former chair Gary Gensler, and Giancarlo proves to be an important part of the discussion surrounding the status of cryptocurrencies as securities. Ethereum and Ripple are under fire for their ‘non-compliance‘ to US Securities law. He stated in an episode of CNBC’s Fast Money that:
“We see elements of commodity in it that are subject to our regulations, but depending on which regulatory regime you’re looking at, it has different aspects of all of that,”
He gained the moniker “CryptoDad” after his speech at the U.S. Senate, where he spoke about the status of regulation of cryptocurrencies with the Chairman of the Securities and Exchange Commission Jay Clayton.
After the stock market crashed and the Dow Jones Average dropped in February, he examined the microscopic nature of cryptocurrency markets in relation to the stock market, comparing Bitcoin’s market cap to McDonald’s.
He believes that Bitcoin emerged as a response to the financial crash of 2008, saying:
“[Cryptocurrency]…is favoured by advocates for the poor and unbanked, libertarians, pacifists, Occupy Wall Streeters, earnest tech geeks, economics buffs, long-term investors and many perhaps naïve but well-meaning young people.”
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