Former CFTC Chair asserts that stablecoins are poised to replace failing fiat currencies

For years, Chris Giancarlo, former chairman of the ￰0￱ Futures Trading Commission (CFTC), says that stablecoins can replace failing fiat currencies, citing their potential in the evolving financial ￰1￱ has been vocal about the potential of ￰2￱ far back as 2023, he was urging the government and market participants not to ignore digital assets in the hopes that they would ￰3￱ later, the former CFTC executive’s sentiments have aged like ￰4￱ sees the world opening up to stablecoins During an interview with CNBC, Chris Giancarlo, author of “CryptoDad: The Fight for the Future of Money,” discussed crypto regulation and ￰5￱ to him, the world is currently at the beginning of a technology revolution, which is why so much is ￰6￱ says the consolidation phase will follow, but we are not there ￰7￱ called the phase we are in the “Cambrian explosion phase.” He claimed that the floodgates have been thrown open policy-wise in the US, encouraging an explosion of competition, which he says is good, as it will separate the wheat from the ￰8￱ believes that before we reach the consolidation phase, this explosion of competing instruments is important, as it will confirm that we actually don’t need hundreds of thousands of new crypto or new ￰9￱ if what is going on with governments and central banks is going to hasten crypto gaining means of exchange status, Giancarlo responded by pointing out that the only real threat to the current way of life is the debasement of a currency, especially the ￰10￱ pointed out how one out of every four dollars has been created in the last five years, something he says is unsustainable, as history has proven reserve currencies are destroyed by ￰11￱ believes modern societies are at that point again, which is why the advent of stablecoins is so ￰12￱ how stablecoins will feature in the geopolitical tensions between the US and China, the former CFTC chairman responded by pointing out that there are failed states with failed currencies where dollar-based stablecoins will become the go-to ￰13￱ also pointed out how such stablecoins will supply to many parts of the world a 24/7 ability to move money globally, something traditional finance has failed ￰14￱ is not so naive as to believe this transition will occur without any tension.

However, he believes it will also result in increased demand for dollars worldwide in the short term and suppressed demand for other reserve currencies. Ultimately, Giancarlo hopes governments worldwide will focus on building infrastructure and providing clarity and regulation to the stablecoin sector rather than resisting it as a ￰15￱ have concerns over the GENIUS Act for stablecoins The GENIUS Act was passed in June, much to the excitement of industry stakeholders who tagged it a historic win for the crypto ￰16￱ act aims to treat them as a means of payment rather than as securities, and it creates a set of rules for their issuer to follow, under the oversight of state and federal regulators.

However, critics of the bill say that its protections don’t go nearly far enough. “It’s a collection of half measures that will create a regulatory imprimatur for stablecoins without removing the dangers associated with them,” Mark Hays, an associate director of crypto and fintech at Americans for Financial Reform, a Washington-based advocacy group, ￰17￱ compared it to the Commodity Futures Modernization Act of 2000, which actually weakened oversight in key areas—a failure that became patent during the global financial crisis of ￰18￱ frequently debunked argument that stablecoin critics recall is the Free Banking Era where private banks issued their own currencies without transparent ￰19￱ that time, the value of money fluctuated widely, and there were frequent runs and bank failures, something critics warn could end up happening ￰20￱ up to $30,050 in trading rewards when you join Bybit today