Chris Giancarlo, the former Commodity Futures Trading Commission (CFTC) chair, is under consideration for a newly proposed “crypto czar” role in the Trump administration, according to a Thursday report by Fox Business.
The position is expected to focus on shaping U.S. crypto policy and fostering a regulatory environment that supports blockchain and digital assets.
Trump’s Newly Proposed Role for Crypto Industry
Known as “Crypto Dad” for his advocacy of blockchain innovation during his tenure as CFTC chair, Giancarlo has been a prominent voice in the push for modernized financial systems.
JUST IN: Trump eyes former pro-#Bitcoin CFTC Chair Chris Giancarlo for 'crypto czar' White House role — Fox News
— Bitcoin Archive (@BTC_Archive) November 21, 2024pic.twitter.com/PeYsfvXQ3C
He previously led the Digital Dollar Project, which explores the potential for a U.S. central bank digital currency (CBDC).
Reports suggest that Giancarlo removed himself from consideration for roles at the CFTC and the Securities and Exchange Commission (SEC), expressing a preference for the proposed crypto czar role.
If selected, he would likely collaborate with Congress and regulatory agencies to create clearer frameworks for the crypto industry.
The proposed position may also include involvement in a potential crypto advisory council.
Discussions about such a council reportedly included prominent industry leaders like Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse.
Skepticism Surrounding the Crypto Czar Role
Despite Giancarlo's qualifications, skepticism persists within Trump's team regarding the necessity of creating this new role.
Some advisors have voiced concerns about adding to government bureaucracy, which would contrast with Trump's broader agenda of reducing the federal government’s footprint.
Sources close to the transition team have indicated that discussions about the role are ongoing, and no formal decision has been made.
“I would be honored to be considered for the role,” said Giancarlo, underscoring his readiness to help shape the future of U.S. crypto policy.
SEC Chair Gary Gensler to Step Down in 2025
In related news, SEC Chair Gary Gensler has announced his resignation effective January 20, 2025.
— Cryptonews.com (@cryptonews) November 21, 2024
@GaryGensler to step down as @SECGov Chair in January 2025, concluding a term of bold enforcement actions in the crypto space. #CryptoRegulations #GaryGensler #SEChttps://t.co/iKmVa3QkSM
"It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world," he said in a statement.
As the Trump administration explores ways to reshape crypto policy, the possibility of appointing Chris Giancarlo as the first White House crypto czar reflects a notable step toward addressing the complexities of digital asset regulation in the United States.
The post Trump Considers Chris Giancarlo for First-Ever White House Crypto Czar Role appeared first on Cryptonews.
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