KEY POINTS
- Giancarlo's CFTC approved Bitcoin-tied regulated futures contracts
- He said the Trump administration will make crypto a 'considerable priority'
- Giancarlo is known for championing financial privacy rights
Former Chair of the Commodity Futures Trading Commission (CFTC) Chris Giancarlo is reportedly a top contender for the new cryptocurrency-focused position that Donald Trump's team is considering establishing.
Giancarlo is known in the industry as "Crypto Dad" given his forward-looking views about Bitcoin and the broader crypto sector.
Giancarlo Believes in Trump's 'Very Specific' Plans for Crypto
The ex-CFTC leader is a "serious" frontrunner in the new role that the Trump administration is considering, The Block reported Wednesday, suggesting that the President-elect is keen on keeping his crypto promises.
Giancarlo told the outlet that unlike political candidates who aren't specific when it comes to their campaign pledges, "Trump has been very specific in laying out a series of initiatives to make the United States the crypto capital of the world."
Among the promises the incoming president made in front of Bitcoiners during the Nashville conference is the creation of a Bitcoin strategic stockpile, as well as the creation of a crypto task force that will end overreaching regulations.
Giancarlo, who is a key player in the Trump transition team, revealed that for the incoming government, crypto will be a "considerable priority." He went on to reveal that he has turned down leadership roles in the CFTC and the Securities and Exchange Commission (SEC), which has been on a crackdown of the industry since outgoing Chair Gary Gensler came into power.
Giancarlo's Ties to Crypto
The commodities expert has been recognized as a crypto ally from when he was the CFTC chief and his pro-innovation stance has earned him the moniker "Crypto Dad."
In 2017, under his leadership, the Commission approved regulated futures contracts tied to Bitcoin. During CoinDesk's Consensus 2023, he also called out the outgoing administration's efforts toward surveillance of the American people's "financial rights to privacy."
This week, Giancarlo agreed with Ripple Chief Legal Officer Stuart Alderoty's statements that the SEC bragging about its record fines collected from its enforcement actions was "like a professor boasting about their highest-ever failure rate and the most cheating scandals."
Trump's Reported Plans for a Crypto Czar
While the Trump administration has yet to confirm the report that it is considering the first-ever crypto-centric role in the White House, it may not be far from reality, given that many of the business magnate's current cabinet picks are pro-innovation.
Bloomberg reported that the Trump team was consulting with crypto industry leaders to assess the necessity of establishing the said position, which, if established, may allow for more clarity regarding the legal status of altcoins and other cryptocurrencies.
Giancarlo has said he no longer wants to work at the CFTC again, nor does he want to replace Gensler, and he also reiterated that he isn't interested in a role at the U.S. Treasury Department.
On the other hand, the crypto czar role may fit well into Giancarlo's experience and views regarding crypto and digital assets.
