On Thursday, former US Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo said in a guest interview with Coindesk that the dispute between Coinbase and the US Securities and Exchange Commission (SEC) highlights the need for clearer rules for digital assets.
Giancarlo, nicknamed “Encryption Dad” because of his support for encryption technology, described the current rules as outdated and unevenly implemented.
He said: “The chairperson (of the regulator) has considerable discretion in applying the rule set. For this new innovation [encryption], it is important that we do not apply 90-year-old regulations. “
According to a previous report by “Betwee”, Coinbase stated that if it introduces the proposed savings account product, the US SEC may file a lawsuit against it. Coinbase disagrees with the agency’s view that the product meets the definition of securities.
In response to a question about Coinbase, Giancarlo said: ” Ultimately, the court will determine the jurisdiction and apply the securities laws to these asset classes. I am optimistic that Congress will intervene… Congress in the past few months has truly recognized crypto[. ..] and have realized this technology and its power and potential. “
Coinbase also claimed that it had approached the SEC to request feedback on the proposed product, but had not received any feedback until the SEC launched an investigation.
Perhaps in response to this, Giancarlo said on Thursday that “dialogue is essential.”
Speaking of recently leaving the board of directors of the crypto lender BlockFi, Giancarlo explained that he just has too many projects in progress and needs to “rebalance the portfolio.”
He pointed out that he is still a consultant of BlockFi and said that he will help the company deal with the review of regulatory agencies.
Since last year, Giancarlo has been one of the main directors of a project supported by Accenture, which advocates digital dollars and publishes a white paper to explore different design considerations.
On Thursday, he reiterated that the U.S. needs to consider the digital dollar, not only as a payment system, but also as a way to “eliminate costs from the U.S. economy.” He added that one should look for stablecoin developers and learn from their years of experience.
Giancarlo said: ” At present, the United States is lagging behind the leaders. Unfortunately, we will continue to walk on this path and become a laggard in the development of digital currency, rather than a leader. “
In general, Giancarlo defines cryptocurrency as a beneficial force in the field of financial services.
“This innovation provides an opportunity to solve some of the worst factors in our existing structure […] It is slow, expensive, and most unfortunately its exclusivity,” he said. “We need to think of it as Revolutionary, flexible treatment of our existing model, and hope to make up for the shortcomings through this innovation.”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/crypto-dad-giancarlo-on-the-coinbase-sec-conflict-dont-use-regulations-90-years-ago/
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