Emily Walker
As President-elect Donald Trump gears up for his inauguration in January, an important development is occurring in the world of cryptocurrencies: Chris Giancarlo, often referred to as “Crypto Dad,” is emerging as a leading candidate for the newly proposed role of “crypto czar.”
This position aims to shape the administration’s strategy regarding the $3 trillion digital asset market, as reported by FOX Business.
Primary Candidate for the Crypto Czar Position
Giancarlo, a lawyer and former chairman of the Commodity Futures Trading Commission (CFTC) during Trump’s first administration, is a strong advocate for a more crypto-friendly regulatory environment. He has been actively engaged with Trump’s transition team following the recent electoral victory over Vice President Kamala Harris.
Recently, Giancarlo has withdrawn from consideration for leading the CFTC and the SEC, showing a keen interest in the crypto czar role, which seems to be gaining support within the Trump administration.
After consultations with leading figures in the industry, such as Brian Armstrong from Coinbase and Brad Garlinghouse from Ripple, it appears Trump is open to creating this position.
Throughout his campaign, Trump appealed to the digital asset community by vowing to dismiss SEC Chairman Gary Gensler on the first day of his presidency, voicing discontent with the Biden administration’s rigorous regulatory stance.
However, as reported by Bitrabo, Gensler announced on the day of Trump’s inauguration, January 20, that he would be stepping down from his role, as indicated in a letter from the agency.
In addition to supporting cryptocurrency, Trump has committed to establishing a presidential advisory council focused on crypto policy within his first 100 days, with the crypto czar expected to play a significant role in this effort.
Insiders from the industry believe that the council should advise on essential digital asset policies, collaborate with Congress on related legislation, and create a framework for the stablecoin market.
Additional Candidates Emerge
Giancarlo possesses an impressive background for the crypto czar position. During his tenure at the CFTC, he regulated Bitcoin futures and has been a strong proponent of advancing blockchain technology and digital currencies.
Currently, he serves as a senior counsel at the law firm Willkie Farr & Gallagher and holds a position on the advisory board of the Chamber of Digital Commerce and the stablecoin company Paxos.
Nonetheless, the proposal to appoint a czar is controversial. Some advisors within Trump’s transition team have raised concerns that such roles could lead to an “unnecessary expansion of government,” which contradicts Trump’s commitment to downsizing federal bureaucracy.
Other potential candidates for the czar position have emerged, including David Bailey, the CEO of Bitcoin Inc., and Brian Morgenstern, the public policy chief at Riot Platforms. Bailey has reportedly been advising the transition team on crypto issues and has emphasized the industry’s need for clearer regulatory guidelines.
Image credits: Featured image from DALL-E, chart from TradingView.com