The former chairman of the Commodity Futures Trading Commission (CFTC) is known for his statements on cryptocurrencies. In the past, Giancarlo had suggested that BTC and ETH are not securities. And today, he says that cryptos are defining a new architecture of finance.
According to a tweet from Bitcoin Magazine on August 7, Christopher Giancarlo made an interesting statement about bitcoin (BTC) and crypto. Indeed, he stated, “We need to think of it as a new architecture of money and finance.” It must be said that the former chairman of the Commodity Futures Trading Commission (CFTC) has become popular with his crypto theories. When he was still chairman of the CFTC, he had said that bitcoin (BTC) and ether (ETH) are commodities. He said they were not really stocks.
On the other hand, Christopher Giancarlo was nicknamed “Crypto Dad” after he gave an impassioned speech to Congress. In that speech, he had mentioned that bitcoin was credited with getting his children interested in finance. Later, Giancarlo said that XRP, like BTC and ETH, is not a security. Intriguingly, he was at that time working at a company on the payroll of Ripple that created XRP.

In a paper they wrote together, Conrad Bahlke and Giancarlo had stated, “Ultimately, under a fair application of the Howey test and the SEC’s currently expanding analysis, XRP should not be regulated as a security, but rather considered a currency or medium of exchange.”

For Giancarlo, bitcoin (BTC) and crypto in general represent a new architecture for money and finance. This statement comes after several years of saying that BTC, ETH and XRP are not very safe.