Christopher Giancarlo is a former chairman of the Commodity Futures Trading Commission, and he spoke out against the Biden Admin’s crackdown on crypto. Biden’s Administration has made it clear that he wants tighter controls on stable coins, which peg to the existing government currencies, and crypto more broadly speaking of the systematic risk. Giancarlo says these regulations are short sited and they fail to see how crypto could improve economic growth and efficiency. He also said that a new regulation bureau should be created to manage crypto and that the government should create its own digital dollar. Giancarlo was a republican appointed by the Obama administration, and this criticism could be very important.

FINSUM: Don’t overlook the ability of stable coins to improve economic effectiveness in allowing for more efficient global financial flows.