Pro-XRP “Crypto Dad” Not Interested in Replacing Gensler

Former CFTC Chair Chris Giancarlo, who is known as “Crypto Dad” because of his friendly stance on digital assets, has confirmed that he is not in the race to replace SEC boss Gary Gensler. 

In a Thursday social media post, Giancarlo stated that he is not interested in cleaning up Gensler’s “mess” again. 

Gensler previously served as the head of the CFTC from May 2009 to January 2014. Giancarlo, who initially joined the CFTC as a commissioner back in 2014, ended up spearheading the agency from August 2017 to July 2019. 

Giancarlo has also denied DC rumors about potentially getting a crypto role at the US Department of Treasury. 

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During his term, Giancarlo decreed that Bitcoin and Ethereum, the two leading cryptocurrencies, were not securities. 

In June 2020, Giancarlo stated that the Ripple-affiliated cryptocurrency is not a security. However, some took his comment with a grain of salt due to Ripple’s involvement in creating the report he co-authored. The report was published just months before former SEC Chair Jay Clayton ended up taking Ripple to court in December 2020. 

After taking the reins of the SEC, Gensler ended up adopting a more hostile approach to crypto, taking many crypto companies to court. His agency also decided to appeal the lawsuit in early October. 

Now that Gensler is expected to depart the agency, the SEC is expected to drop all non-fraud crypto cases. 

As reported by U.Today, Dan Gallagher, Robinhood’s top lawyer, and former SEC Commissioner Paul Atkins are among the leading contenders to replace Gensler. SEC Commissioner Hester Peirce, who is known as “Crypto Mom,” is reportedly not interested in the job.