Former CFTC Chair emphasizes the need for CBDCs and stablecoins to uphold values of liberty.

Former Head of the United States Commodities and Futures Trading Commission (CFTC), J. Christian Giancarlo, has emphasized the importance of central bank digital currencies (CBDCs) and stablecoins embracing values rooted in liberty. Speaking at the FT Live Crypto and Digital Assets Summit, Giancarlo urged CBDCs and stablecoins to prioritize privacy and resistance to censorship. He drew a parallel to the early days of the internet, stating that nations like the US and England fostered an “internet of information” that reflected the principles of open and free societies. Giancarlo believes that the future of digital value networks should align with standards of financial freedom and economic liberty that honor human worth and dignity.
Giancarlo, who now leads the Digital Dollar Project, criticized the US regulatory approach to cryptocurrencies, suggesting that American leadership in this area is falling short. He highlighted the transformative impact of cryptocurrencies and blockchain technology on finance, noting their ability to increase speed, efficiency, and automation while reducing costs and challenging traditional market structures. However, Giancarlo questioned whether a new “internet of value” would advance economic liberty and financial freedom or if it would erode liberties, reminiscent of the dominance of tech giants like Facebook and Google.
Giancarlo also discussed the global development of CBDCs and the growing use of public stablecoins. He shared statistics indicating that 134 countries, representing 98% of global GDP, are actively exploring CBDC issuance, a significant increase from 35% in 2020. The use of stablecoins has also surged, with $11 trillion settled in on-chain transactions, nearly surpassing Visa’s settlement volumes. The market capitalization of stablecoins has grown from $3 billion in 2019 to $138 billion in 2024. In addition, Bitcoin’s market capitalization has now surpassed that of the Swiss franc, making it the 13th-largest currency worldwide.
Giancarlo concluded by asserting that CBDCs and stablecoins should prioritize individual economic privacy and censorship resistance as fundamental design choices. He believes that these digital currencies should serve as instruments for individuals worldwide seeking financial autonomy and inclusion, aligning with basic human rights and civic values.