Chairman Chris Giancarlo of the former Commodity Futures Trading Commission (CFTC) and his son Luke Giancarlo were interviewed together on 2/16, emphasizing that the current U.S. government is no longer playing the role of ‘blocking innovation’ in the past, but is fully opening up the development of Blockchains and Crypto Assets. He pointed out that the current U.S. government no longer requires innovators to apply for ‘licenses’, but instead allows direct passage. He even mentioned that the Trump (Donald Trump) administration has started issuing meme coins, demonstrating a very clear attitude towards promoting the development of Cryptocurrency.
Silicon Valley will take over the discourse in the financial markets
Former CFTC Chairman Chris Giancarlo said that in the past 15 years, the dominance of the U.S. financial markets shifted from Wall Street in New York to Washington, with the government imposing stricter regulations on the market through the Dodd-Frank Act following the 2008 financial crisis.
And now Chris thinks that ‘Silicon Valley’ is the real winner of this transformation. He points out that the capital allocation of the future financial market will be determined by ‘algorithms’ rather than traditional political or financial institutions. He describes this shift as the ‘third transfer of financial discourse,’ marking the formal disruption of the traditional financial system by Block chain technology.
The U.S. government is no longer the gatekeeper, innovators no longer need to seek permission
Chris recalls that in the past, new entrepreneurs in the US market often needed to go through cumbersome regulatory processes if they wanted to launch new financial products, and sometimes the government even turned a blind eye, making the operators run back and forth. However, under the Trump administration’s policies, this “consultation system” has become history.
Chris shares a conversation he had with the CEO of a large U.S. financial institution, asking, “Who are we going to go to approve our new plan?” His answer was simple and clear: “The current government doesn’t care about this anymore, you can do it if you want!”
CBDC may become the biggest threat to the Bitcoin community
Despite the government’s comprehensive opening up of Cryptocurrency development, Chris also pointed out a concern that is most worrying for the Bitcoin community, which is the central bank digital currency (CBDC). He emphasized that the development of digital currency is a global trend, but the United States must ensure that CBDC has the same ‘privacy and freedom’ as cash, and cannot become a tool for government surveillance of the people.
Chris, for example, during the truck driver strike in Canada in 2022, the government directly froze the protesters’ bank accounts. This situation demonstrates that digital currencies, if lacking privacy protection, could potentially become a tool for government intervention in people’s financial freedom.
( Canadian Prime Minister Trudaw announced his resignation! Polymarket has long been hot, and Trump is sarcastic: the merger of the United States and Canada will become a pro-)
People in the currency circle have successively joined the US government
With the new administration in place, many key positions began to be filled by “cryptocurrency-friendly” professionals. For example:
Paul Atkins is expected to serve as chairman of the SEC (SEC), emphasizing market freedom and innovation.
Brian Quintenz served as CFTC chairman and was responsible for Block chain investment at the venture capital firm a16z, and is quite familiar with the encryption market.
Tulsi Gabbard, a cabinet official who holds the Litecoin (Litecoin) and Ether (ETH), also publicly supports the development of Bitcoin.
Robert F. Kennedy Jr. served as the Secretary of Health and Human Services in the United States, investing most of his wealth in Bitcoin.
“Now almost all the people in the government are in the cryptocurrency circle, either own bitcoin or have a cryptocurrency investment background, which is a major change for the market.” Chris said.
( Trump will appoint Quintenz, policy director at a16zencryption, to lead the Commodity Futures Trading Commission’s )
Block chain is not just speculation, all assets will be on the chain in the future
When talking about the development of cryptocurrency, Luke pointed out that in the future, not only digital assets such as Bitcoin (BTC) and Ether (ETH), but all securities, bonds, and even real estate will be on the chain. He boldly predicted: “By 2035, almost all financial assets will be issued through Block chain technology.”
He used digital photography technology as a metaphor: “In the past, photos were printed on paper, but now everyone uses mobile phones to take photos and save them in the cloud, which is more convenient and flexible.” The financial assets of the future will also develop in this way."
Is Block technology more important than AI
Although AI has become a global focus recently, both believe that Blockchains and decentralized ledgers (DLT) are the most disruptive technology since the internet (Internet). Luke emphasizes: “Our banking system is still a concept from hundreds of years ago, like the time of the Crusades, just transformed from paper to digital information. Blockchain allows transactions to be completed instantly, without the need for intermediaries to reconcile and confirm.”
Luke further explained: “For example, now when you pay $100, banks need to reconcile and confirm back and forth, and finally it reaches you. But Block chain technology can make the money arrive instantly, and it is applicable globally. This is a revolution for cross-border payments, supply chain management, and even government fiscal systems.”
(Former Bitfury Senior Executive Nominated by Trump as OCC Head, High-level U.S. Financial Regulatory Personnel Announcements Unveiled One After Another)
This article Trump clears innovation barriers! Former CFTC Chairman Giancarlo: CBDC could threaten Bitcoin, 2035 assets fully on the chain first appeared in Chain News ABMedia.
