The former chairman of the Commodity Futures Trading Commission (CFTC) reportedly said that Senator Elizabeth Warren and her anti-cryptocurrency policies are losing the battle.
In a new interview with Forbes magazine, former CFTC Chairman Christopher Giancarlo is bullish on the future of digital assets and says that anti-cryptocurrency forces are a “shrinking iceberg.”
According to Giancarlo, the U.S. legislative environment is shifting toward crypto assets, as evidenced by the recent votes by both houses of Congress to repeal SAB 121.
SAB 121 is a guidance note issued by the U.S. Securities and Exchange Commission (SEC) in March 2022 that instructs organizations on how to account for and protect digital assets.
A bill to overturn the SEC guidelines passed the Senate on a 60-38 vote last week.
But Giancarlo noted that the White House could veto the bill, and traditional banks would probably support it.
“I think [the passage of SAB 121 reversal] Elizabeth Warren's camp is a shrinking iceberg…
While some parts of the banking system may resist the digital asset revolution, forcing banks to reserve 100% of their holdings would effectively mean they cannot participate in this revolution. I think there is a resistance to this.
So the White House may veto this, but I think that puts them in an increasingly tenable position, going against the tide of history, against the tide of innovation.”
Regarding FIT21, the recent cryptocurrency bill that would give the CFTC regulatory authority over digital asset products, Giancarlo said the bill could work because the CFTC has previously demonstrated it can regulate non-wholesale markets.
“The reason is [the CFTC is] The reason it is primarily a wholesale regulator is because it oversees the futures market, where professional traders are primarily located, and not the spot market, where there are a large number of retail traders.
The bill would give the CFTC market oversight and regulatory authority over the cryptocurrency spot market, as well as the derivatives market.
So the CFTC will be involved in some level of retail market oversight. I've changed my mind on this because the CFTC already does some retail market oversight and has shown that it can do it very well.”
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