Former CFTC Chair Chris Giancarlo is Trump’s top pick for Crypto Czar

Chris Giancarlo, famously known as “Crypto Dad,” is Trump’s leading choice for the newly proposed White House Crypto Czar role.

The position, still unofficial, would oversee the sprawling $3 trillion market under a Trump administration eager to rewrite the rules of crypto engagement.

Sources close to the Trump transition team reportedly revealed that Giancarlo’s policy expertise and industry connections put him miles ahead of any other contenders.

At 65, Giancarlo brings heavyweight credentials. He chaired the Commodity Futures Trading Commission (CFTC) during Trump’s first term, earning a reputation as a crypto advocate. Since then, he’s stayed entrenched in the blockchain and crypto sectors.

While some speculated he might return to the CFTC or even head the SEC, Giancarlo ruled out those roles, making way for his consideration as the country’s first-ever crypto czar.

Trump’s post-election crypto focus

Trump has made his disdain for SEC Chairman Gary Gensler known, vowing to fire him on Day 1. During his campaign, Trump leveraged the crypto industry’s frustrations with the Biden administration’s aggressive enforcement tactics to secure financial backing.

His pitch? A more hands-off approach to regulation that would let innovation thrive. One of Trump’s boldest ideas is the creation of a presidential crypto advisory council. This group would guide policy decisions and legislation, and insiders suggest the crypto czar would likely be its operational leader. 

Giancarlo has reportedly already discussed these ideas with key industry players, including Coinbase’s Brian Armstrong and Ripple’s Brad Garlinghouse. While details are still under wraps, sources say Trump has warmed up to the idea of centralizing crypto strategy.

Giancarlo’s crypto legacy runs deep. He is a board member of Paxos, a leading stablecoin company. He also co-founded the Digital Dollar Project, a nonprofit advocating for a U.S. central bank digital currency (CBDC).

Trump and many in the crypto community vehemently oppose CBDCs, viewing them as threats to financial privacy. While Giancarlo insists he doesn’t support a federal CBDC, his ties to the initiative could complicate his path to the crypto czar seat.

Crypto leaders rally behind Trump’s plans

The crypto industry has wasted no time lobbying Trump for the czar position. Executives like Cardano’s Charles Hoskinson and former Messari CEO Ryan Selkis have weighed in, suggesting candidates and touting the need for streamlined regulation

Giancarlo has remained diplomatic. “I would be honored to be considered for the role,” he told FOX Business, though declining to elaborate further. His restrained response hasn’t stopped speculation from swirling online.

On X (formerly Twitter), debates rage over who’s best suited for the job. While Giancarlo leads the pack, other names like Bitcoin Magazine CEO David Bailey and Riot Platforms’ Brian Morgenstern have surfaced. Both men raised significant funds for Trump’s campaign, adding to their appeal within his inner circle.

For years, the industry has dealt with fragmented oversight from agencies like the SEC and CFTC. The Biden administration leaned heavily on enforcement, with the SEC launching a barrage of lawsuits that industry insiders claim stifled growth and drove innovation overseas.

A centralized crypto czar could bring clarity, creating a framework for stablecoins, token classification, and exchange operations. Industry insiders believe the czar could also push for safe harbors to protect US-based crypto businesses from excessive scrutiny.

But not everyone in Trump’s orbit is sold on the idea. Some advisers see the role as unnecessary government bloat, clashing with Trump’s promise to shrink federal bureaucracy.

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