Emily Walker
Chris Giancarlo, a frontrunner for the position of chairman at the US Commodity Futures Trading Commission (CFTC) and the author of “Crypto Dad,” recently shared insights into President-elect Donald Trump’s bold crypto sector initiatives.
In a Fox Business interview, Giancarlo discussed Trump’s ambition to position the US as the world leader in cryptocurrency and spoke about plans for a national Bitcoin reserve.
Upcoming Changes in Crypto Regulation with Trump
Giancarlo mentioned during the interview that significant shifts in crypto regulation are expected once Trump takes office on January 20, as the current regulatory framework is evolving.
The former CFTC Chair referred to a Trump speech earlier this year highlighting initiatives, including the formation of a White House crypto council and the potential establishment of a Bitcoin reserve. However, he pointed out that these initiatives would need considerable groundwork and effort to be effectively implemented.
Reflecting on his interactions with Trump about cryptocurrencies, Giancarlo mentioned that he regularly communicated with Trump during his tenure at the CFTC and throughout Trump’s first term. Although they haven’t connected since the election, Giancarlo feels that the former president is still passionate about advancing crypto initiatives.
His recent discussion with Coinbase CEO Brian Armstrong has stirred rumors about Trump’s crypto strategy, suggesting they covered ways to execute Trump’s promises and create a regulatory framework to promote industry growth.
Vision for a Strategic Bitcoin Reserve
Giancarlo also noted the difficulties faced by the SEC under Gary Gensler, who announced his resignation around the time of the presidential inauguration.
Giancarlo criticized Gensler’s leadership, citing problems with talent retention and excessive regulatory practices that he believes have stifled the SEC’s effectiveness and hampered industry innovation.
Looking forward, Giancarlo highlighted the need for a new SEC chair who possesses established expertise and is dedicated to nurturing innovation within the crypto sector. He suggested Paul Atkins, a former SEC commissioner, as a fitting candidate.
A key point in Giancarlo’s remarks was the strategic Bitcoin reserve, which he considers crucial to Trump’s crypto strategy. He emphasized that the new Crypto Czar would need to work with tax legislators to implement promised capital gains tax halts on US crypto assets.
Additionally, this position would require creating executive orders to eliminate regulatory hurdles like “Operation Chokepoint 2.0,” which targets the digital asset sector.
Giancarlo concluded that Trump’s overarching vision encompasses a new industrial revolution, positioning digital assets at the forefront alongside AI, nanotechnology, and biotechnology. He argued that if the US pivots from its recent trend of “innovation resistance” to embracing these technologies, it could achieve a substantial 4.5% growth rate and tackle the nation’s $36 trillion debt. He lauded the concept of a strategic Bitcoin reserve as a progressive step aligned with this vision.
As of now, the leading cryptocurrency is valued at $95,760, reflecting a 2% increase in the past 24 hours after briefly dipping to the $91,000 mark on Monday.
Featured image from DALL-E, chart from TradingView.com