Former Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo, known by some as Crypto Dad during his tenure from 2017 to 2019, spoke on the topic of U.S. crypto regulation at the Crypto Bahamas conference on Thursday. He called the current U.S. regulations, many of which were written in the 1930s, “nonapplicable” to the current financial reality of cryptocurrencies.
Giancarlo expressed concern that central banks were usurping crypto. “If you read the utterances out of the European Central Bank, there is nothing but FUD toward non-sovereign crypto,” he said, noting that China took the same approach when it banned all cryptos except the digital yuan CBDC.
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