During this interview , Giancarlo recalled that the CFTC operated according to rules dictated in 1935 . To this extent, managing a major financial and technological innovation, such as Bitcoin , seems overly complex .
Giancarlo thus evokes the “puzzle” aspect of the regulation of cryptocurrencies. Often requiring intervention on a case-by-case basis, cryptocurrencies are often of a different nature, which further complicates a global approach.“The laws we apply, you know, were written in … 1935 … And it’s often difficult to look at these laws and determine where a concept as innovative as Bitcoin (and many other cryptocurrencies) is. fall into a regulatory regime written several decades ago. ” Christopher Giancarlo
“Bitcoin, and a bunch of other digital currencies, have elements of different asset classes, be they payment vehicles, or long-lived assets, and so, as regulators, we’ve just been looking at this problem, in real time, and it’s complicated. I do not see the situation coming to an end as soon as possible. ” Christopher Giancarlo
For the president of the CFTC, it will take a little more time. He recalls that the role of a regulator remains to monitor the markets, and to ensure that everyone acts in accordance with the laws dictated by the US Congress. On the other hand, “Cryptodad” is not totally unaware of the appeal of crypto space to many people, including in Congress. When asked if he thought the latter could potentially put an end to dissonance in the current regulations, Giancarlo replied:
“There is certainly the desire, among a number of members of the Congress and the Senate to whom I spoke, to approach this area with a new look, a new way of thinking. I think there is a growing choir on Capitol Hill [which is leaning towards a redesign of how to think about it]. ” Christopher Giancarlo
Giancarlo also announced last week that he will not stand in the 2019 elections for the CFTC president, ending his five-year term.