CryptoNews | Business | Former CFTC Regulator Launches Foundation to Digitize the Dollar

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Crypto Dad may have left the CFTC, but he’s just getting started in the cryptocurrency industry in his new role with a non-profit, the Digital Dollar Project.

Crypto Dad Is Back

J. Christopher Giancarlo, former Chair of the Commodity Futures Trading Commission (CFTC) also known as “Crypto Dad” for his favorable stance toward the digital asset industry, has partnered up with Accenture to launch the Digital Dollar Project.

The initiative is a non-profit advocating the exploration of a US Central Bank Digital Currency (CBDC).On the new initiative, Giancarlo argued:  

“A digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time. We are launching the Digital Dollar Project to catalyze a digital, tokenized U.S. currency that would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet the demands of the new digital world and a cheaper, faster and more inclusive global financial system.”

Giancarlo’s advocacy efforts may face serious opposition. CBDCs have been largely confined to speculation and little action, with China being the only notable exception.

However, some central bankers appear open to the idea.

Late last year, Rob Kaplan, the CEO of the Federal Reserve Bank of Dallas, one of twelve regional Reserve Banks in the Federal Reserve System, said, “we have not at the Fed decided to pursue or drive to develop a digital currency, but it’s something we’re actively looking at and debating.”

Giancarlo has always been steadfast about embracing future digital possibilities. His belief in blockchain technology and the digitization of assets was most recently aired in a Washington Post op-ed he penned last October called “We Sent a Man to the Moon. We Can Send the Dollar to Cyberspace.”

David Treat, a senior managing director and global Blockchain lead at Accenture, confirmed his support of Giancarlo’s advocacy efforts with, “a [CBDC] is a key enabler for the modernization of financial systems and will drive material economic and social improvements and form the basis for a wave of new innovation.”

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