Christopher Giancarlo former chairperson of Commodity Futures Trading Commission affirmed that digital money was the future in an interview with Fox Business. Giancarlo who is behind the non-benefit Digital Dollar Foundation was certain that the regulations will give a competitive advantage.
Giancarlo had many reasons to support his claim saying that the US was already in competition with the regulated exchange with other countries. Besides, some countries are launching their currency’s digital coin. For instance, China had already had its digital Yuan in use. According to his sentiments, the former CFTC chairperson feels like the US is lagging.
Awakening Call to the United States
“The United States has always been on the lead. The United States was the pioneer of the space programme. As a result, we played a leading role in setting expectations for these technologies,” Christopher Giancarlo urged the world’s largest economy to take the lead and be part of the solution.
He also said that the countries responsible for the regulation of underlying standards will eventually become the controller of these new class of assets. The digital asset class will also be the future of finance.
He added, “We will need to guide these developments so that the principles for the future of finance, the digital future of finance, remain the standards that we have long trusted in the rule of law, free and equitable competitive trade, and economic privacy.”
Giancarlo compares the digitalization of capital to how images have evolved over the last decades. According to Giancarlo, banks would be transformed in the same way as Kodak’s business model has been undermined by digital photography.
Giancarlo also likened the future of monetary growth with the discovery of space and the development of the Internet, emphasizing the active cooperation between the United States Department of Defense and the private sector in addressing these concerns.