Former CFTC Chair emphasizes the need for CBDCs and stablecoins to uphold libertarian principles

J. Christian Giancarlo, the former head of the United States Commodities and Futures Trading Commission (CFTC), has made a passionate appeal for central bank digital currencies (CBDCs) and stablecoins to prioritize libertarian values in their design. Speaking at the FT Live Crypto and Digital Assets Summit, Giancarlo emphasized the importance of privacy and resistance to censorship for CBDCs and stablecoins. He drew a parallel to the early days of the internet, stating that the internet reflected the values of open and free societies. Giancarlo called for similar standards of financial freedom and economic liberty in the future of digital value networks. He criticized the regulatory approach of American leadership towards the cryptocurrency sector, stating that it borders on hostility. Giancarlo highlighted the impact of cryptocurrencies and blockchain technology on finance, including increased speed, efficiency, automation, and lowered costs. He raised concerns about whether the “internet of value” would enhance economic liberty or take away liberties, similar to the dominance of tech giants like Facebook and Google. Giancarlo also discussed the growing development of CBDCs and the use of stablecoins around the world. He noted that 134 countries representing 98% of global GDP are actively exploring CBDC issuance, and stablecoin use has dramatically increased, settling trillions of dollars in transactions. Giancarlo concluded by stating that individual economic privacy and censorship resistance should be fundamental design choices for CBDCs and stablecoins, aligning with the aspirations of people worldwide for financial autonomy and inclusion.