President-elect Donald Trump’s transition team is reportedly exploring the creation of a “crypto czar” role to oversee digital asset policy, with former Commodity Futures Trading Commission Chairman Chris Giancarlo emerging as a top contender.
This potential position would mark the first time the White House has designated a senior official solely focused on cryptocurrency and blockchain innovation.
Giancarlo, nicknamed “Crypto Dad” for his support of the industry during his tenure at the CFTC, has expressed openness to the role. A Fox Business report suggests that he is a serious candidate.
The position, still under consideration, would involve shaping regulatory frameworks to promote growth in the $3 trillion digital asset market, which includes cryptocurrencies like Bitcoin (BTC) and the $180 billion stablecoin sector.
Trump’s crypto-friendly rhetoric as Gensler retires
Throughout his campaign, Trump criticized the Biden administration’s approach to crypto regulation, vowing to dismiss SEC Chairman Gary Gensler on his first day in office. He also pledged to establish a presidential advisory council to advance crypto-friendly policies within his first 100 days.
The crypto czar, if appointed, could play a key role in this advisory council.
Giancarlo’s experience makes him a leading candidate. He chaired the CFTC from 2017 to 2019, overseeing the launch of the first Bitcoin futures contracts. He also co-founded the Digital Dollar Project, which explores a potential U.S. central bank digital currency, and currently advises blockchain firms and industry groups.
On November 21, Gary Gensler, the Chair of the U.S. Securities and Exchange Commission, announced that he would resign effective January 20, 2025. His resignation coincides with President-elect Donald Trump’s inauguration.
Source: https://crypto.news/trump-eyes-former-cftc-chair-giancarlo-for-crypto-czar-role/