CFTC Chairman J. C. Giancarlo (aka Cryptodad) Won't Seek Re-Election

Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo has decided to retire when his five-year term ends in April of 2019. Having earned the nickname 'Cryptodad' after expressing a friendly stance toward cryptocurrency on multiple occasions, his retirement leaves the future of crypto in the United States hanging in the balance.

The confirmation of his retirement came in a statement to financial publication IFLR at the annual meeting of the International Swaps and Derivatives Association (ISDA) last week.

Originally appointed during the Obama administration, Giancarlo also said that he is happy to serve until the current President names a successor, which could add several years onto his current term (if the President keeps him on until the end of the current administration’s reign).

Bye-bye, Cryptodad

Giancarlo was dubbed 'Cryptodad' after an opening statement for a congressional hearing in which he explained the role that Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term have played in the lives of his younger family members.

“It strikes me that we owe it to this new generation to respect their enthusiasm to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one,” he said, adding that cryptocurrencies made his own children and niece interested in investing for the first time.

During his reign at the CFTC, Giancarlo has overseen the launch and development of the first regulated Bitcoin futures products that launched on CME and CBOE last year. The CFTC has also made efforts to crack down on crypto-related scams under Giancarlo.

The Chairman has also expressed his support for cryptocurrencies from time to time over Twitter, a factor that has irritated critics who believe that crypto shouldn’t be legally legitimized.

Is #crypto #FOMO your #FridayFeeling? #DYOR at https://t.co/JBWIJbZTo7 #CryptoDad

— Chris Giancarlo (@giancarloCFTC) March 2, 2018

Even if Giancarlo’s term of public service is over in April of next year, the US government has taken a rather balanced attitude toward cryptocurrency regulation. While SEC Chairman Jay Clayton has begun to go after fraudulent ICOs and other crypto-related financial crimes, the government seems to have been careful not to stifle innovation within the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term sector.

At the same time, however, a lack of regulatory clarity has made a growing number of blockchain firms hesitant to move forward with their business in the US.