As President-elect Donald Trump prepares to take office in January, a significant development is occurring in the crypto space: Chris Giancarlo, nicknamed “Crypto Dad,” emerges as one of the frontrunners for the newly proposed position of “Crypto Dad.” crypto czar.”
The role is intended to guide the administration’s approach to the $3 trillion digital asset market, according to reports from FOX Business.
Top Candidate for “Crypto Czar” in the Trump Administration
Giancarlo is an attorney and former chairman of the Commodity Futures Trading Commission (CFTC) during Trump’s first term. He has been actively involved in the transition team since Trump’s recent election victory over Vice President Kamala Harris, advocating for a more crypto-friendly regulatory environment.
In recent weeks, Giancarlo has stepped down from running the CFTC and the Securities and Exchange Commission (SEC). Instead, he expressed interest in crypto position of the tsarwhich seems to be gaining ground within the Trump administration.
After meetings With top industry executives including Coinbase’s Brian Armstrong and Ripple’s Brad Garlinghouse earlier this week, Trump appears receptive to establishing the role.
During his campaign, Trump gained support from the digital assets industry by promising to fire SEC Chairman Gary Gensler on his first day in office, citing concerns about the Biden administration’s tough regulatory approach .
However, like Bitcoinist reported On Thursday, Gensler announced the same day as Trump’s official inauguration, January 20, that this would be his last as head of the agency, a letter from the regulator reveals.
As part of his commitment to cryptocurrencies, Trump also pledged to create a presidential advisory council focused on cryptocurrency policy within his first 100 days. The crypto czar could play a central role in this initiative.
Industry insiders suggest the council advises on critical digital asset policies, works with Congress on relevant legislation, and develops a framework for the stablecoin market.
New names join the pool of candidates
Giancarlo’s references for this role are numerous. Since his time at the CFTC, where he oversaw the regulation of Bitcoin Futures Contractshe has continued to champion the advancement of blockchain technology and digital assets.
Giancarlo is currently a senior attorney at the law firm Willkie Farr & Gallagher and serves on the advisory board of the Chamber of Digital Commerce and stablecoin company Paxos.
However, the idea of appointing a tsar is not without controversy. Some advisers within Trump’s transition team have reportedly expressed concern that such positions could represent an “unnecessary expansion of government roles,” contradicting Trump’s pledge to reduce the size of government. federal bureaucracy.
Other names that have emerged amid discussions about potential candidates for czar include David Bailey, CEO of Bitcoin Inc., and Brian Morgenstern, head of public policy at Riot Platforms.
Bailey reportedly advised the transition team on crypto-related matters and expressed the industry’s desire for a clearer regulatory framework.
Featured image of DALL-E, chart by TradingView.com
