CBDCs, stablecoins must ensure independence values - former CFTC chair
The former head of the US Commodity and Futures Trading Commission (CFTC) has pleaded for leniency for central bank digital currencies (CBDCs) and stablecoins to preserve libertarian values by design.
J. Christian Giancarlo, who chaired the CFTC between 2014 and 2019, emphasized the importance of CBDCs and stablecoins to ensure privacy and censorship resistance in his keynote speech at the FT Live Crypto and Digital Assets Summit.
Giancarlo contrasted the “Internet of Information” with the early Internet era of 30 years ago, arguing that the “Internet of Information” reflected the values of open and free societies like the US, England and other leading democracies.
“The free world and free people must work together again to ensure that the future of digital value networks reflects the same levels of financial freedom and economic freedom that are compatible with human dignity and dignity,” Giancarlo said.
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The former CFTC commissioner, who now leads the digital dollar project, said that the US leadership's hostile approach to the regulatory approach to the borders of the kriptovalyutnogo sector was a failure in this regard.
“Let's set standards for digital currencies, sovereign and non-sovereign CDCs, and stablecoins worthy of human freedom and freedom-seeking people everywhere.”
Giancarlo commented on the impact of the Internet, and said that the technology is now working to finance what has been done in various sectors.
“In aggregating information, think Wikipedia. For retail shopping, think Amazon. For entertainment, think YouTube. Think social networks, Facebook and Twitter.
Giancarlo cryptocurrencies and blockchain technology, by increasing speed, efficiency, automation, and reducing costs, have opened up new business models, challenging traditional market structures and displacing intermediaries.
The former CFTC commissioner went on to question whether a new “Internet of Value” would enhance economic freedom and financial freedom, or erode freedoms in the way of the so-called “second generation of the Internet” controlled by tech giants like Facebook and Google. They were criticized for doing so.
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Giancarlo highlighted statistics from the growth of CBCCs around the world and the growing public use of stablecoins. In the year As of 2024, 134 countries representing 98% of global GDP are actively exploring the provision of CBDCs, compared to 35% in 2020.
Stablecoin usage has also increased significantly, with 11 trillion in on-chain transactions almost exceeding Visa's settlement size. The global market value of stablecoins has grown from $3 billion in 2019 to $138 billion in 2024.
Meanwhile, Bitcoin's market capitalization has surpassed the Swiss franc to become the world's 13th largest currency. Giancarlo said the reality of the landscape is that people around the world use different digital currencies independently.
The debate that is sometimes fashionable at conferences between CBCCs and stablecoins and crypto is a complete and false choice. The global future is the above. Crypto, CBCC, Stablecoin and more.
The former CFTC chairman concluded that individual economic privacy and resistance to censorship should be worthy design choices and systems of competitive advantage for free societies and open economies.
By embedding individual economic privacy into its architecture, CBDCs and stablecoins should serve as tools for people worldwide who aspire to financial autonomy and inclusion, consistent with fundamental human rights and civic values.
“The public must be able to see for themselves that they are being watched and are being deceived.”
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