As newly elected President Donald Trump prepares to take office in January, a major development is unfolding in the crypto space: Chris Giancarlo, nicknamed “Crypto Dad,” is emerging as the front-runner for the newly proposed position of “crypto czar” .
This role is intended to guide the government’s approach to the $3 trillion digital asset market reports from FOX Business.
Top candidate for ‘Crypto Czar’ in the Trump administration
Giancarlo is a lawyer and former chairman of the Commodity Futures Trading Commission (CFTC) during Trump’s first term. He has been actively involved with 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 relinquished his position leading the CFTC and the Securities and Exchange Commission (SEC). Instead, he has expressed interest in crypto position of the tsarthat appears to be gaining popularity within the Trump administration.
After meetings Trump, along with top industry executives including Coinbase’s Brian Armstrong and Ripple’s Brad Garlinghouse, appeared receptive to filling this role earlier this week.
During his campaign, Trump drew 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, as a Bitcoinist reported On Thursday, Gensler announced on the same day of Trump’s official inauguration on January 20 that it would be his last as head of the agency, according to a letter from the regulator.
As part of his commitment to cryptocurrency, Trump also pledged to create a presidential advisory council during his first 100 days to focus on crypto policy. The crypto czar could play a central role in this initiative.
Industry insiders suggest the council advise on crucial digital asset policies, work with Congress on relevant legislation and develop a framework for the stablecoin market.
New names join the candidate pool
Giancarlo’s references for the role are numerous. Since his time at the CFTC, where he oversaw the regulation of Bitcoin futureshe has continued to champion the advancement of blockchain technology and digital assets.
Giancarlo is currently senior counsel at law firm Willkie Farr & Gallagher and sits 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 have surfaced during discussions about potential candidates for the czar’s position, including David Bailey, CEO of Bitcoin Inc., and Brian Morgenstern, head of public policy at Riot Platforms.
Bailey has reportedly advised the transition team on crypto-related matters and has been vocal about the industry’s desire for a clearer regulatory framework.
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