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New York-based law firm Willkie Farr & Gallagher will be adding a heavy hitter into its fold. In an announcement made on Monday, Dec. 2, it’s been revealed that former Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo is set to join the firm.
Giancarlo will be occupying a public policy position where he’ll be advocating for the creation of a blockchain-based digital dollar, as well as assisting the firm’s clients with their respective needs. Known as “Crypto Dad” by the industry, Giancarlo has been one of the leading voices who’s been calling for fair regulation of the nascent market during his tenure with the CFTC.
He parted ways with the regulatory agency in July when his five-year term came to an end. Willkie Farr Chairman Steven Gartner praised Giancarlo for his extensive work with the CFTC, particularly his skill set in the financial and technological sectors.
Giancarlo’s expertise
“As a leading voice on the regulation of emerging technologies, Chris brings knowledge, experience and public and private sector relationships that will be invaluable to our clients in the financial services, technology, and commodities sectors. His legal and corporate background, unparalleled knowledge of the global derivatives markets and their intersection with emerging technologies, combined with his longstanding relationships across the firm, make him a natural fit for Willkie,” Garner said.
With blockchain technology disrupting private and government sectors, Giancarlo believes that the U.S. government should deeply consider developing a digital dollar lest it wants to get left behind by other nations. China is currently on the path of massively adopting the emerging innovation into its system and is planning in creating its own central bank digital currency (CBDC). Turkey is also aiming to do the same, with its own CBDC slated for completion by the end of 2020.
A call for the U.S. to keep up
But it’s not just Giancarlo who’s been advocating for this movement. Congressman Warren Davidson is also echoing Giancarlo’s sentiment and has been highlighting the advantages that blockchain will bring, going so far as to claim that the pros outweigh the risks posed by cryptocurrencies.
“From improving capital formation, supply chain logistics, reinventing shop floor operations, product identification and traceability, U.S. manufacturers could stand to harness the power of blockchain to unleash incredible innovation and manufacturing growth,” Davidson said.
