Former CFTC chair Chris Giancarlo launches the Digital Dollar Project
Chris Giancarlo, former chairman of the CFTC, and Daniel Gorfine launch the Digital Dollar Project, a high-profile initiative to advocate for a U.S. central bank digital currency (CBDC).
On January 16, 2020, Former CFTC chair Chris Giancarlo launches the Digital Dollar Project. Chris Giancarlo, former chairman of the CFTC, and Daniel Gorfine launch the Digital Dollar Project, a high-profile initiative to advocate for a U.S. central bank digital currency (CBDC).
The launch of this high-profile initiative was a direct response to two major forces: the rise of private digital currencies like Bitcoin and the planned launch of Facebook's Libra, and the rapid progress China was making on its own digital yuan. The project's goal was to ensure that the U.S. did not fall behind in the future of digital money.
For the Bitcoin community, the launch of the Digital Dollar Project was a significant event because it represented the establishment's formal entry into the conversation. It created the foundational narrative that would dominate regulatory discussions for years to come: the battle between a permissionless, decentralized, public money like Bitcoin, and a permissioned, centralized, state-controlled digital currency like a CBDC.