Christopher Giancarlo who has been the head of the Commodity Futures Trading Commission (CFTC) since August 2017 and a commissioner with the same organisation since 2014 believes that authorities and regulators should respect current generation’s choice in regarding Bitcoin and other cryptocurrencies as their medium of exchanges and transaction of choice.
He says that he is of the belief that cryptocurrency is a generational interest and as such there is the need for regulators to treat it with respect. He made this remark when speaking this week’s Milken Institute Global Conference which took place in Los Angeles, California.
According to a report by Reuters, he said;
“We need to take a moment and respect this generation’s interest in this new instrument (Bitcoin). Not with derision, but with a little bit of attention and respect and respond with policy initiatives that really are thoughtful and forward looking.”
Giancarlo is expected to end his tenure next April and he has indicated that he intends to retire subsequently. He intimated that consumer interest in Bitcoin and cryptocurrencies can be compared to the “cultural change” of the baby boomers generation when they took charge in the mid-20th century.”
He observed that the younger generation has little interest in mainstream financial institutions due to the occurrence recently of the global financial meltdown through which they grew. He says this generation sees Bitcoin as the way forward as it takes out the role of third parties and financial institutions who were themselves active players at the centre of the global financial crisis.
“There is something going here which is generational. Just as the baby boomer generation lost faith in the leaders that came before them and tried to seek a cultural change in those days through sex, drugs and rock and roll, I think there is a generation that also has lost faith in us that led them through the financial crisis and they see technology as a way of disintermediating institutions for which they don’t have a great deal of respect.”
Mr. Giancarlo has previously relayed similar sentiments about cryptocurrencies and was equally positively vocal about digital currencies earlier this year when he made similar remarks before a Senate committee hearing earlier this year. His opening statement at the said Senate hearing earned him the name ‘crypto dad.’