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As commodities regulators go, few have figured out how to accomplish the cult following that US Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo has gathered in recent weeks.
Nevertheless, the markets supervisor — nicknamed “cryptodad” by cryptocurrency enthusiasts — is finding that this recently discovered fame does not come without its disadvantages.
As CCN announced, Giancarlo earned the “cryptodad” nickname after he gave a shockingly touching personal statement in a recent Senate hearing on cryptocurrencies, clarifying how this technology has captivated his two kids and his niece and has started numerous productive dinner table conversations.
“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 stated.
Giancarlo, 58, quickly experienced a surge in Twitter followers, after which he issued a series of tweets expressing gratitude toward cryptocurrency clients for the positive reaction and reminding them to do research before making any speculations.
https://twitter.com/giancarloCFTC/status/969605376982372353
In any case, as Bloomberg reports, cryptodad’s recently discovered reputation has also attracted its fair share of critics.
Critics claim that the minor truth that he is discussing the nascent asset class at all will legitimize it according to investors, leading them to invest in unsafe items they might not have something else.
Besides, there has been the situation with numerous cryptocurrency figures, scammers have imitated Giancarlo’s Twitter account to endeavor to make it seem like he is requesting users to send him funds.
At last, Giancarlo, a Republican, caused somewhat of a kerfuffle when he tweeted out a photo of an inter-agency meeting that seemed to have been attended exclusively by different Republicans. Democrats, both in the CFTC and on Capitol Hill, instantly blamed Giancarlo for violating federal open meeting laws.
Nonetheless, the commission has defended Giancarlo’s Twitter movement, arguing that it is a helpful platform for coordinating investors toward the CFTC’s educational materials.
“The Chairman has tweeted a whopping total of 12 times since his testimony to the Senate Banking Committee that garnered such interest in the CFTC’s work on cryptocurrency,” said CFTC spokeswoman Erica Richardson. “Nine of these tweets have been about investor protection and the proactive regulatory work the agency is doing on FinTech and cryptocurrency.”
“[Giancarlo] views Twitter as a valuable platform to reach diverse audiences on customer education,” Richardson stated. “He will continue to use Twitter to drive followers to the CFTC’s educational materials.”
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