Source: Gareth Jenkinson, Cointelgraph

Former chairman of the U.S. Commodity Futures Trading Commission (CFTC) urges central bank digital currencies (CBDC) and stablecoins to adhere to values based on freedom in their design.

J. Christian Giancarlo, who served as CFTC chairman from 2014 to 2019, emphasized the necessity for CBDC and stablecoins to ensure privacy and resistance to scrutiny in his keynote speech at the FT Live Cryptocurrency and Digital Assets Summit.

J.Christian Giancarlo speaking at the FT Live Cryptocurrency and Digital Assets Summit in London. Source: Gareth Jenkinson

Giancarlo compared it to the early days of the internet, stating that 30 years ago, major democratic countries such as the United States and the United Kingdom achieved the "information internet," reflecting the values of an open and free society.

Giancarlo stated, "The free world and free people must once again come together to ensure that the future of the digital value network reflects similar standards of financial freedom and economic freedom that are suitable for human values and dignity."

The former chairman of the U.S. Commodity Futures Trading Commission, who is currently leading the Digital Dollar Project, stated that the United States is losing its leadership position in this regard, as its regulatory approach to the cryptocurrency industry is almost hostile:

"Let's set standards for digital currencies, sovereign and non-sovereign CBDCs, and stablecoins that are worthy of human freedom and the desire for freedom around the world."

Giancarlo expressed his views on the impact of the internet, stating that the technology is now funding work that has already been completed in various industries:

"In terms of information gathering, think of Wikipedia. In retail shopping, think of Amazon. In entertainment, think of YouTube. In social networking, think of Facebook and Twitter."

Giancarlo stated that cryptocurrency and blockchain technology have increased speed, efficiency, and automation, reduced costs, opened up new business models, challenged traditional market structures, and replaced intermediaries.

The former chairman of the U.S. Commodity Futures Trading Commission then questioned whether the new "value internet" would enhance economic freedom and financial freedom, or whether it would, like the "second-generation internet" dominated by tech giants such as Facebook and Google, deprive freedom, which has already been criticized.

Giancarlo also emphasized the statistics related to the development of CBDCs and the increasing use of public stablecoins worldwide. As of 2024, 134 countries, which account for 98% of global GDP, are actively exploring the issuance of CBDCs, compared to 35% in 2020.

The use of stablecoins has also increased sharply, with on-chain transaction settlement reaching $11 trillion, almost surpassing Visa's settlement volume. The global market value of stablecoins has also grown from $30 billion in 2019 to $1.38 trillion in 2024.

Meanwhile, the market value of Bitcoin has surpassed the Swiss franc, becoming the 13th largest currency in the world. Giancarlo stated that in reality, people around the world will use multiple digital currencies simultaneously:

"At conferences like this, there is sometimes a popular debate between CBDCs, stablecoins, and cryptocurrencies, and this is completely a false choice. The future of the world will include all of these: cryptocurrencies, CBDCs, stablecoins, and so on."

The former chairman of the Commodity Futures Trading Commission concluded by stating that individual economic privacy and resistance to scrutiny should be a commendable design choice and a competitive advantage system in a free society and open economy.

By encoding individual economic privacy into their infrastructure, CBDCs and stablecoins should be the ideal tools for people around the world who desire financial autonomy and inclusivity, aligning with fundamental human rights and citizen values.

"The public should be able to see for themselves whether they are under surveillance and whether they are being manipulated."

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