#171 - Why the CFTC is the best regulator for crypto with former Chairman Chris Giancarlo
Wed Feb 04 2026
What could the future of U.S. crypto regulation look like from the CFTC—and how should regulators approach tokenization, prediction markets, and stablecoins as digital finance moves on-chain?
Chris Giancarlo is Senior Counsel for Corporate and Financial Services at Willkie Farr & Gallagher and the former Chair of the U.S. Commodity Futures Trading Commission, where he oversaw the regulation of futures, options, and swaps markets, including the launch of Bitcoin futures.
Timestamps:
➡️ 1:15 — Advice for new CFTC Chair Mike Selig
➡️ 3:06 — Why crypto inverts the CFTC’s traditional regulatory model
➡️ 6:53 — How the SEC and CFTC should divide authority over digital assets
➡️ 8:54 — Why the commodity vs. security distinction still matters
➡️ 15:13 — DTCC’s no-action relief and the future of tokenized market infrastructure
➡️ 19:27 — Will TradFi absorb crypto—or will crypto reshape TradFi?
➡️ 21:46 — Prediction markets, federal preemption, and state resistance
➡️ 27:40 — Why prediction markets need regulation, not suppression
➡️ 29:42 — Stablecoins, privacy, and exporting U.S. values through digital dollars
Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org.
Resources
📺 Recording of the CFTC / SEC Joint Event on Harmonization
📓 GENIUS Act
📄 DTCC No Action Letter
Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.
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What could the future of U.S. crypto regulation look like from the CFTC—and how should regulators approach tokenization, prediction markets, and stablecoins as digital finance moves on-chain? Chris Giancarlo is Senior Counsel for Corporate and Financial Services at Willkie Farr & Gallagher and the former Chair of the U.S. Commodity Futures Trading Commission, where he oversaw the regulation of futures, options, and swaps markets, including the launch of Bitcoin futures. Timestamps: ➡️ 1:15 — Advice for new CFTC Chair Mike Selig ➡️ 3:06 — Why crypto inverts the CFTC’s traditional regulatory model ➡️ 6:53 — How the SEC and CFTC should divide authority over digital assets ➡️ 8:54 — Why the commodity vs. security distinction still matters ➡️ 15:13 — DTCC’s no-action relief and the future of tokenized market infrastructure ➡️ 19:27 — Will TradFi absorb crypto—or will crypto reshape TradFi? ➡️ 21:46 — Prediction markets, federal preemption, and state resistance ➡️ 27:40 — Why prediction markets need regulation, not suppression ➡️ 29:42 — Stablecoins, privacy, and exporting U.S. values through digital dollars Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources 📺 Recording of the CFTC / SEC Joint Event on Harmonization 📓 GENIUS Act 📄 DTCC No Action Letter Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.