A former U.S. regulator, known as “Crypto Dad” recently announced the formation of a non-profit think tank, “the digital dollar”. This will back the adoption of the centrally issued digital currency by the U.S. authorities. If you’re wondering how a U.S. regulator came to be “Crypto Dad”, keep reading.
J. Christopher (“Chris”) Giancarlo retired from his post as the Chair of the Commodity Futures Trading Commission (CFTC) in 2019 and formed the Digital Dollar Foundation. Crypto Dad’s partners were investor Charles Giancarlo and Daniel Gorfine, former Director of LabCFTC and Chief Innovation Officer of the U.S. Commodity Futures Trading Commission. They have initially raised their voice on the need for a digital currency backed by the dollar and they have written a piece on it in the Wall Street Journal in October 2019.
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The partners and Crypto Dad have highlighted the fact that countries across the world as well as social media platforms are making strides in cryptocurrency and blockchain technology. This may be the reason why the U.S. is losing innovation to other countries that have regulated cryptocurrency and are regulating taxes and transactions in cryptocurrencies.
The United States has finally made it clear that there are endeavors to launch digital money, even if its only for the fear of being left behind. The U.S.-China trade war and the U.S.-Iran conflict have, in some opinions, rendered the nation weak, creating a geo-political crises that caused Bitcoin and other cryptocurrencies to soar in value.
Now is the best time to beat the competitors like China’s digital RMB and France’s digital currency or even Russia’s centralized digital currency. These initiatives may help improve the position of the former superpower and make way for the US to strengthen the dollar. The impact of the dollar losing its stronghold is felt by other fiat currencies like the Euro and INR as well.
This may even impact the country’s position on the international stage and the prosperity that it has enjoyed over the last century. The stablecoin market’s main driver of mainstream interest over 2020 is likely to be from CBDC efforts from the likes of China, and now U.S. institutions.
Christopher Giancarlo is popular in the crypto asset industry for his optimism on the potential of the technology whilst he was at the CFTC. U.S. CBDC efforts are more a reaction to the efforts coming from China.
The launch of Crypto Dad’s foundation is perhaps a sign that any viable CBDC project from the United States and the Federal Reserve is unlikely to happen soon. However, a digital dollar is sure to help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time.
Crypto Dad’s think tank could be the harbinger of new hope to the cryptocurrency scene in the United States, to which I say, it’s about time.
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