A celebrity voice is emerging from the overall positive chorus following the Senate’s hearing on cryptocurrencies on February 6, 2018. Typical bitcoin heroes are developers, investors, and traders. Now from the ranks of the formal sector comes a surprisingly savvy and moderate voice, being lauded with much praise.
Christopher Giancarlo is the respectable chairman of the Commodity Futures Trading Commission (CFTC). He is no lightweight and was arguably one of the most surprising and engaging voices in the Washington houses during the recent hearings. Social media is still abuzz with relief and delight, feting Giancarlo, as there was widespread anxiety prior to the Senate hearings’ conclusion.
Commissioners in Harmony
An unlikely hero, the 58-year old regulator spoke eloquently for the current generation. He suggested that they “owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.” Giancarlo immediately emerged as the new blockchain hero of the moment, while Bitcoiners breathed a sigh of relief.
Far from “the attack of the suits,” what emanated from Washington was the pure delight to coin holders. Social media hashtags like #cryptodad and other warm monikers shot up on Twitter and others, as people all over the globe appreciated the heavyweight American’s stance.
Giancarlo has become a virtual cult hero from his wholly savvy and quite millennial tone. Speaking of his 30-year old niece as a typical HODL, he told Capitol Hill senators that she is “not a fraudster or a manipulator, she’s just a kid and believes in it.”
HODL, also a misspelling of hold, has become to be perceived as an acronym for “hold on for dear life.” It remains a strong contingent among cryptocurrency owners. The chairman of the Securities and Exchange Commission, Jay Clayton, was also called to testify alongside Giancarlo. A part of bitcoin’s woes since the start of 2018 has been the expectation from many quarters that the Senate would take a Trumpesque view of it and attempt to quash it.
Social Media Propels Giancarlo to Rock Star Status
Neither of the commissioners, however, had anything but a moderate, congenial stance, asserting that a “do no harm” approach would be best. Clayton had been critical of ICOs on January 22. 2018, but also emerged with a moderate, rounded appraisal.
Former skeptics and previous fans alike are giving Giancarlo rock star status online. Twitter user @CryptoCobain with over 100,000 followers blasted “What is it like becoming crypto famous overnight? Have you made a crypto Twitter account yet? What about GIANCOINLO? Xxxx.”
In response, on February 8, 2018, Giancarlo tweeted: “Coin fans – Thx 4 ur enormous response 2 my recent US Senate remarks. Lol. As you invest remember: caution, balance & DYOR.” Liked over 21,000 times, DYOR stands for “do your own research!”
Giancarlo Speaks to What the Global Markets Really are
In December 2017 the CFTC’s Giancarlo allowed bitcoin futures to be traded on CME Group Inc, earning the former derivatives brokerage executive recognition as “crypto-friendly.” He also granted access to the CBOE Global Markets Inc. Exchange. Ever since the launch of bitcoin futures the agency have been sucked into a conversation about regulation and cryptocurrencies. The culmination of current interest from lawmakers was the hearings, at which he shone for many.
Giancarlo also views virtual currencies as assets which are fundamentally valuable if people say so. In addition, he appears to have nothing but positive advice for cryptocurrency investors. Referring again to his niece, he said:
“You know, I was fascinated talking to her. I think she represents a lot of folks that think there’s something in this.”
There is clearly some demonstrable relief at the hearings’ conclusion and the benign stance of Giancarlo and his fellows. Bitcoin had four straight days of buoyancy, and Giancarlo now has fame status with over 42,000 Twitter followers.