CFTC Chair Giancarlo Joins Chorus of Positive Comments on SEC Commissioner Peirce’s Speech on Cryptocurrency Innovation

Last week, SEC Commissioner Hester Peirce delivered a powerful speech that shared her views on the mission of regulators broadly, and cryptocurrency innovation specifically. The speech has been widely lauded in the crypto space as it has been viewed as supportive of the potential for blockchain disruption and the opportunity of digital assets created by initial coin offerings.

Yesterday, another erstwhile crypto enthusiast, CFTC Chair J. Christopher Giancarlo, called Commissioner Peirce’s speech “superb.”

 

Giancarlo has been welcomed by the digital currency world as his public pronouncements have been seen as keen on allowing crypto-innovation to bloom, while acknowledging that bad actors and fraud must be dealt with promptly. The crypto-love by the community has gone as far as labeling Chair Giancarlo the #BitPope or “the real Bitcoin Jesus.” In some ways, Giancarlo has become the leading standard bearer for the crypto-generation within the current administration. This may be contrasted by the rule making by enforcement action that has dominated the SEC of late.

Recently, there was a rumored meeting held between public officials seeking to determine how to best regulate Ethereum based offerings and the emergence of digital assets. It will be interesting to see if the Peirce / Giancarlo Paradigm that regulators should be hesitant to define cryptoassets as securities wins over the skeptics.

 

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