Add Digi-sign Us Currency with airSlate SignNow

Comment us currency field

and something you may have heard about it's called the digital dollar project Chris Giancarlo former CFTC chair and someone who is referred to occasionally as the crypto dad joins us now to tell us more about this project but also Dan Roberts is here because he very closely follows crypto but very quickly what is the digital dollar foundation and the project that's underway yeah it's it's a it's a non-profit initiative to explore the virtues and the challenges of a US central bank digital currency and Christian Roberts here attended about how this is in some ways a response to what is happening with China we remember that when Facebook announced it's Libre project Mark Zuckerberg in many ways when he was speaking to lawmakers was using the threat and the fear of China doing something similar to try and encourage lawmakers to basically leave Lieber alone because if we don't allow Lieber and other similar projects to innovate then China will beat us in this area tell us a little bit about the reports of a China point well so what I would say there is it's as much influenced by China as it is by Libre as it is by Bitcoin and as it is by kovat you know I left the after five years serving at the US CFTC I came away with some observations about the global state of our financial markets one is that just like so much of our physical infrastructure you know our bridges and our tunnels and our airports a lot of our financial market infrastructure is similarly aged and in some cases obsolete and the second observation is we're truly seeing a new wave of the internet an Internet of the things of value and that new wave is going to put serious pressure on these antiquated financial systems and it's really that that led me to being a proponent for exploration of a USC BDC absolutely others are doing around the world it's not just China you know we know that over 50 central banks are experimenting with this the United States has been a leader in so many phases of technology or filming is it needs to be a leader in this face as well and then Chris while we have here today just recently made some comments about XRP once known as ripple of course not being in your view of security and it was interesting you know that was picked up in a lot of places and then some people kind of pointed out well you know Chris is no longer with the agency if you know former CFTC so I guess I'd ask you how closely you're in such with the current regulators and whether we should take your view as the official regulatory view and then also some people pointing out that you know you're working in some ways as a consultant with ripple the company behind XRP so some people kind of take your declaration on XRP with a grain of salt what do you say to that well first of all I am NOT an official and so I am NOT speaking in an official capacity ultimately it will be the courts that will determine this I am now a practicing lawyer and with the firm of Wilkie 4 and Gallagher ripple is a client of the firm what we did you know in a scholarly piece in the Law Review was to analyze a ripple against the well-known Howey test which is the Supreme Court's determination of what is the security and based upon a legal analysis concluded that it's not now you'll note in that piece it's a it's a legal piece it's not a advocacy piece it's not a policy piece it's a straight legal analysis Chris it's Julie here and we've been sort of asking sort of thorny specific questions I want to take a step back and ask a bigger picture question which is as one who has followed cryptocurrencies for several years now not with the type of precision that Dan has but there has been this sort of by the huge proponents of it this promise that it was going to really if not takeover gain a little bit more mental nor momentum that it has seemed to where do you think we are in the sort of life cycle and are we gonna get it where it's much more widely used invested in etc well Julie thank you for that because I really do believe the big picture is what is important here and that is we truly are approaching a second wave of the Internet the first wave was the was the Internet of information that created you know at first things like Wikipedia but ultimately social media and other and online commerce this next wave of the Internet is going to take things of value and put them into a digitized in some case tokenize form and my role at the CFTC we oversaw the world's derivatives on commodity markets the world's major commodities corn wheat cotton precious metals industrial metals energy all the derivative markets are where they're priced and in here's the point they're priced in dollars as all those commodities move to a digitized tokenized form I believe it's critically important for the dollar to similarly adopt a digitized program digitized tokenize and ultimately programmable form if those commodities are going to remain priced in dollars and they become digitized it's critically important that the dollar follow that same trajectory Chris what's the timeline for that though I mean are we really a sickly seeing that in our lifetimes if you're over 45 years old is this our future I believe it is I believe it is we are going into a digital future the future of the 21st century is going to be digital and yet so much of our financial system is accounts based an account space go back to medieval the venice when it was it was hard to travel around with large quantities of fiat currency and they were lodged on to an account and that's the basis for our system today but as we go to a digital form tokenization feoh once again becomes possible to move around in mass quantities in a digital form and so we need to think about how do we make our foot our fiat form digital as well Chris Giancarlo former CFTC chair we appreciate your being here and I'll get my abacus out and I will throw it away hey investors Zack Guzman here are you interested in learning more about the markets and getting the latest financial news well then click right here to subscribe to our Yahoo Finance youtube channel get the latest up-to-the-minute market analysis big interviews in the world of finance and information on how to manage your money every day wherever you are