J. Christopher Giancarlo, former CFTC chairman and senior counsel at Willkie Farr & Gallagher LLP, weighs in on the state of digital asset regulation in the U.S. "We need some degree of generational change in Washington before we get the sensible crypto legislation that we really need," Giancarlo said.
The real divide in crypto is not right and left or Republican Democrat, the real divide in crypto is generational. There's a, there's a Sepian generation in Washington that have been there a very long time when they first arrived. However, you know, they conducted passbook savings at their local bank. They, they, you know, they use checks to settle their, you know, for this is a generation that can't get their, they grew up in a pre digitally networked world and really struggled to get their mind around it. And I'm not being critical. Every generation, you know, over time settles into an understanding of the world as it was and that's the world they'll take with them to the end. And I think we've got in Congress certainly on the Senate side. If you look at the support for the crypto legislation at the committee level, it was the younger Democrats that got on board, the younger Republicans. And I think the same is the case. So I do think we need some degree of generational change in Washington before we get the sensible crypto legislation that we really need. I was more optimistic. A few, a few two months ago than I am today.