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Digital Currency Revolution Series: ‘Crypto Dad’ Now With New York-Based Law Firm, Entrusted For Crypto and Blockchain Innovation
The former United States Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo, who is also known as "Crypto Dad," is now all set to work with New York-based law firm ‘Willkie Farr & Gallagher as a senior counsel’.
Giancarlo perceived the generation of the digital dollar could safeguard the greenback’s status as a global standard.
While the newly appointed chairman Heath P. Tarbert has recently announced ‘LabCFTC’ at ‘Fintech Forward 2019’ event which is going to transform into an independent FinTech arm of CFTC and reporting directly to the Chairman.
Established within the Office of General Counsel in 2017 under then-Chairman Chris Giancarlo, LabCFTC was designed to be the agency’s focal point to engage with fintech innovators and promote responsible innovation. He reckons that such experimental decision can revive the financial markets, otherwise the counterparts of central bankers can go aggressive and grab the competitive advantage.
The Chairman Tarbert has also added, “LabCFTC has done fantastic work since its inception to examine emerging fintech issues and bring together innovators and regulators,” “I want to thank Dan for his outstanding leadership overseeing this important initiative”.
“The Chairman’s elevation of LabCFTC reflects its growth and importance as well as his pro-innovation mindset for the agency,” said General Counsel Dan Davis.
Under Giancarlo’s leadership, the bitcoin derivatives market has incepted and evolved, various futures and options products have been approved, such as CME, CBOE and LedgerX.
In the era digital world, the digital currencies are evolving amid economic and financial turbulence across the globe. Regulatory frameworks have been conducive but stringent.
For a classic instant, as the global regulators have been tormentors to slam and defer the plans of Facebook's Libra, many central banks are exploring the potential of their own sovereign digital currencies. Amid the confrontation of trade-war, World’s one of the biggest economies, China appears to be the pioneer in this perspective, driven by the political motives of ousting the significance of the dollar in the global economy.
To substantiate such news, from the recent past, there were lingering hush-hush that a top Fed authority has mentioned that the US Central Bank is pondering over the idea of a digital dollar, while Democratic and Republican members of Congress communicated with the Fed Chairman Jay Powell to know the implications of such a revolutionary adoption.
In reply, the Chairman of the Federal Reserve, Powell, said to the US representatives French Hill and Bill Fosters, who had asked whether the Federal Reserve plans to launch a digital currency. In a descriptive letter in reply, he clarifies that they have observed the trends of digital currencies but they don’t have any plans of launching at this juncture reassuring the robustness of the demand for their currency.