Law of Code #171 - Why the CFTC is the best regulator for crypto with former Chairman Chris Giancarlo
Feb 4, 2026
Chris Giancarlo, former CFTC Chair and crypto policy lawyer, discusses crypto regulation from a CFTC perspective. He explains why CFTC oversight fits spot crypto, how the CFTC and SEC should coordinate, and the implications of tokenization and DTCC’s milestone. He also covers prediction markets, stablecoin privacy, and whether TradFi will adopt crypto’s architecture.
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Fix The Agency Before Big Policy Moves
- Focus first on organizational basics: resolve union issues, name leaders, and align staff behind a mission.
- Get your agency functioning before pushing a broader regulatory agenda.
Why CFTC Suits Crypto Spot Markets
- The CFTC specializes in risk-mitigation markets while the SEC focuses on capital formation.
- Crypto flips the traditional model because spot markets are national/global and fit CFTC oversight.
Make SEC–CFTC Coordination Mandatory
- Coordinate SEC and CFTC roles to serve taxpayers and market participants rather than duplicate efforts.
- Use directed leadership to make interagency cooperation the norm, not an ad hoc choice.