Former CFTC Chiefs Critique US Regulation at Bahamas Crypto Conference

Chris Giancarlo, the former chief of the Commodity Futures Trading Commission, claims that the present US regulatory framework for crypto is “not suitable for the purpose.” Giancarlo spoke on a panel with Mark Wetjen, former acting CFTC head, and current legal policy and regulatory strategy director at FTX, at the FTX and SALT Bahamas conference. The two talked about the present condition of cryptocurrency regulation in the United States. When asked how they’d rate the US regulatory framework for cryptocurrency on a scale of one to ten, Giancarlo answered he’d give it a zero. “I mean no disrespect to the regulators,” he said. “These are regulations written 90 years ago, in the 1930s.” Given the flexibility in those 90-year-old regulations, Wetjen gave the US a “four to five” rating. To reduce the gap, he said current restrictions present certain obstacles, but more importantly, those at the top must embrace the crypto business more actively. “What we really need to see I think is more entrepreneurialism and aggressiveness on the part of the staff of the staff at agencies, and I think they’re trying as hard as they can, but it really takes some leadership at the top,” he said. Wetjen remarked, “The recent executive order from the Biden Administration is a wonderful start.” Giancarlo also advocated for a more private approach to the use of crypto in society, citing the rise of central bank digital currencies as an example (CBDCs...