Former CFTC Chairman Chris Giancarlo said the Vatican letter he wrote prepared him to be 'Crypto Dad'
Forbes: Can you share your previous title and a little bit about the career change you just went through?: I just completed a five-year term of service as a commissioner of the U.S. Commodity Futures Trading Commission in Washington and for the last 30 months serving as chairman of that agency.
I’m not saying that was the right choice to make, but certainly that choice would have been available if the amount of exposure could have been quantified precisely. And that’s the point. With blockchain, the amount of exposure could have been quantified precisely and immediately. I actually stopped, when it came my time to speak and the light went green, I actually looked up at the senators and said, “Senators, before turning to my prepared remarks, I’d like to talk to you not as a financial market regulator, but if you have a minute, I’d like to talk to you as a dad. The dad of some teenage and early adult children. We’ve just come back from our annual family ski trip with my siblings and their children, my nieces and nephews.
When you look at the opportunity at AFX, what’s the one thing that got you most excited about becoming a full board member?: I really believe that market financial institutions need to move away from Libor because of the shortcomings in it, which are well documented, and the move away is the right thing. But I disagree with any assumption that the move away should be to another singular benchmark.
Can you characterize the kinds of conversations you are having? Are you talking with startups? Or governments? Or with regulators or other nonprofits?: I’ve got a lot of conversations going on with both people in the private equity community as well as the investment banking area and especially the ones that are focused on Bitcoin, who are familiar with me because of Crypto Dad and all that.
My children’s first institutional relationship outside of their school was with their social media accounts—on Facebook or an online retailer like Amazon or eBay. So, it’s not a surprise to me that those institutions would utilize the relationships with the younger generation to say, “We can be your payment system. You don’t necessarily need a bank relationship. That’s an impersonal institution that your parents use.
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