He contributed to Bitcoin futures, supported the relaxation of regulation, and now he is retiring.

Some outsiders have a true view of Bitcoin, and the chairman of the US Commodity Futures Trading Commission (CFTC) has been tired of hearing. CFTC Chairman J. Christopher Giancarlo is about to retire, and his term will end later this month. Like Hester Peirce, the "securities of the cryptocurrency" of the US Securities and Exchange Commission (SEC), Giancarlo is known as the "father of cryptocurrencies" because he has put a lot of pressure on protecting blockchain innovation, and he should probably be called For the encryption currency hero.


Defend Bitcoin and Blockchain

In a speech at the European Financial Forum, Giancarlo expressed his views in the words of the Romanian poet Ion Luca Cariagiale:

The opinion is free, but not mandatory.

Giancarlo may think that he used the platform to "propose some free opinions," but he also revealed some information detailing his experience as a cryptocurrency regulator. Although he did not name the name, the CFTC chairman said that there were enough. He made it clear that although the CFTC's goal is to help "the development of new derivatives based on crypto assets such as Bitcoin," not everyone thinks so.

We reject those who ask us to use legal power to curb the development of cryptographic assets and their underlying technologies. Instead, we tend to closely monitor market developments while not stopping the launch of new products such as Bitcoin futures. It turns out that letting the market determine the reasonable value of Bitcoin has produced immeasurable value.

Such requirements will not only hinder innovation, but also affect the use of blockchain technology by companies in different regions.

Bittersweet bitcoin speculator

Giancarlo mentioned an economic letter from the Federal Reserve's San Francisco branch. In this letter, economists argue that the emergence of bitcoin futures created more speculative demand balances between optimists and pessimists, and pessimists gained a way to bet on the fall in bitcoin prices.

Regardless of how bitcoin enthusiasts view Bitcoin futures , such an institutional product will never come out without the open mind of Giancarlo. The agency gave a green light to the contracts of the two derivatives exchanges in Chicago, and paved the way for exchanges such as Bakkt. Bakkt is preparing to settle its bitcoin futures contract in cryptocurrency and is seen as a catalyst for the 2019 cryptocurrency market.

Giancarlo's term is now coming to an end, but the world of cryptocurrencies will not lose the support of regulators. SEC Commissioner Hester Peirce readily accepted her role as the "mother of the cryptocurrency" and seemed ready to continue to pass on these two roles.

Despite this, Giancarlo's loose regulatory approach will be ignored. He initiated the KISS program with the primary goal of simplifying the rules and regulations of the CFTC. However, the most memorable aspect of the cryptocurrency world is his frankness, including his second quote from Cariagiale, which should resonate with blockchain users:

Do you want to know something? Then look at them carefully. Do you want to like these things? It is ok to observe from afar.