Jan 17, 2024

Chris Giancarlo, former CFTC Chair and executive chairman at the Digital Dollar Project, discusses the state of financial innovation in the U.S. "I think as we go forward...we're going to increasingly see younger people moving in to serve [in government]," he says.

Video transcript

My favorite author, Doug Adams, the, the author of Hitchhiker's Guide to the Galaxy, uh, once said that and I'll, I'll paraphrase because I don't remember the exact quote, but it was that anything that's invented before you turn 35 is way cool. And it's probably gonna be the source of a lifetime of engagement the rest of your life. But anything that's invented after you turn 35 is dangerous suspect and needs to be suppressed. I think there's a lot of that going on in crypto. And when we've got an administration that's, you know, pretty heavily populated by septage Arians, in some case, octogenarians, this is something that threatens everything they know about finance going back to their days when they had passbook sa savings accounts and, and checkbooks. And, um, I can understand why this innovation is very threatening. I think as we go forward, whether it's a Republican or Democrat, whether it's, uh, Trump or any other administration, we're gonna increasingly see younger people moving in to serve and younger people will bring with them a comfort level with networks, you know, are they grew up in a networked world, whether that's a network of information or a network of, of gaming, they're gonna bring with them a notion of a network of value. And so I think that this innovation is going to proceed regardless of the next administration. On the other hand, however, I do think that and, and I say this as someone who served both in Obama and Trump, but who tends to be on the free market side of the aisle, I do think that you'll see a greater emphasis on free markets and perhaps a greater comfort level uh with allowing innovations to proceed. The same comfort level allowed me to green light Bitcoin futures. Five years ago, I think you'll see uh a greater and though you'll also see a greater emphasis on if innovation is going to take place, it, it, we, we want it to take place in the United States.

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