U.S. Needs to Modernize with Blockchain and Cryptocurrencies, Said Former Trading Commission Chairman

WASHINGTON, January 4, 2022 – A former chairman of the U.S. Commodity Futures Trading Commission said the federal government needs to catch up and modernize the currency system to include cryptocurrencies, lest the U.S. fall behind competitors in the global arena.

Christopher Giancarlo, staunch supporter of cryptocurrencies and adjacent technologies, said during a panel hosted by the American Enterprise Institute Tuesday that, while some entities in the private sector are blazing ahead on cryptocurrencies and the decentralized ledger system called the blockchain — exploring the possibilities and limits to these technologies — western governments and societies at large are lagging.

“Money is changing right before our eyes,” the former chairman said. “Like text messages and photographs, money is becoming digital, decentralized, tokenized and borderless.”