Asserting that the CFTC’s “flawed approach” to the regulation of cross‑border swaps has fostered market fragmentation, alienated foreign regulators and potentially increased systemic risk, CFTC Chairman J. Christopher Giancarlo has issued a white paper calling for the CFTC to rethink its approach. The white paper details perceived problems with the current regime; enunciates six principles that should guide its rulemaking; and makes specific recommendations for regulation in five areas. This article explores the key concepts and recommendations of the white paper. For additional commentary from Giancarlo, see “Women in Derivatives Event Features Address by CFTC Chair Giancarlo and Panel Discussion on the Intersection of Technology and Regulation” (Jul. 12, 2018); and “Enforcement Priorities and Approaches to FinTech, Cybersecurity and Swaps Reform” (Nov. 9, 2017).