President-elect Donald Trump’s transition team is considering creating a new role of a “crypto czar” to manage digital asset policy, and former Commodity Futures Trading Commission Chairman Chris Giancarlo is a top candidate for the position. This move would be the first time the White House has appointed a senior official solely dedicated to cryptocurrency and blockchain innovation.
Known as “Crypto Dad” for his advocacy of the industry during his time at the CFTC, Giancarlo has shown interest in the role and is seen as a serious contender, according to a report by Fox Business. The potential responsibilities of this position include developing regulatory frameworks to support the growth of the $3 trillion digital asset market, encompassing cryptocurrencies such as Bitcoin (BTC) and the $180 billion stablecoin sector.
Trump has been vocal about his favorable stance on cryptocurrencies, particularly in contrast to the Biden administration’s regulatory approach. He promised to remove SEC Chairman Gary Gensler on his first day in office and establish a presidential advisory council focused on advancing crypto-friendly policies within his initial 100 days. If Giancarlo is appointed as the crypto czar, he could have a significant role within this council.
Giancarlo’s background positions him as a strong candidate for the role, having led the CFTC from 2017 to 2019 and overseeing the introduction of the first Bitcoin futures contracts. Additionally, he co-founded the Digital Dollar Project, which explores the potential implementation of a U.S. central bank digital currency, and currently offers guidance to blockchain companies and industry associations.
In related news, Gary Gensler, the Chair of the U.S. Securities and Exchange Commission, recently announced his resignation effective January 20, 2025, coinciding with President-elect Donald Trump’s inauguration. This development underscores the potential shift in regulatory priorities and signals a new era for cryptocurrency oversight in the United States.