Former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo, also known as “Crypto Dad,” is being considered for the role of the first White House “crypto czar” by the Trump administration, according to a report by Fox Business on November 21. The purpose of this new position is to oversee US crypto policy and promote the growth of the $3 trillion digital asset market. It is still uncertain if this role will be part of the rumored Crypto Advisory Council.
Giancarlo, who previously served as the CFTC chair from 2017 to 2019, is well-known for his support and advocacy for cryptocurrencies. During his time in office, he played a significant role in introducing bitcoin futures. Currently, he is involved in advising blockchain advocacy groups and leads the Digital Dollar Project, which focuses on exploring the potential of digital currencies.
Despite declining offers to lead the Securities and Exchange Commission (SEC) or the CFTC, Giancarlo has shown interest in taking on the position of “crypto czar.” If appointed, his responsibilities would include developing regulatory frameworks, enhancing oversight of stablecoins, and providing support to US crypto companies.
President Trump has expressed his intentions to revamp crypto regulations, criticizing the Biden administration’s approach, which he believes has led to innovation moving overseas. As part of his pro-crypto agenda, Trump has proposed the creation of a presidential advisory council on digital assets, with the potential for the crypto czar to play a crucial leadership role.
While figures within the industry, such as Coinbase CEO Brian Armstrong and Ripple’s Brad Garlinghouse, have shown support for this idea, some of Trump’s advisors are hesitant about adding new government positions, viewing it as contradictory to his promise of reducing bureaucracy.
In response to the potential appointment, key players in the crypto space like Cardano founder Charles Hoskinson and Bitcoin Magazine CEO David Bailey have emphasized the importance of regulatory clarity and have praised Giancarlo’s expertise in the field. Other contenders for the position include David Bailey and Brian Morgenstern from Riot Platforms, although Giancarlo is currently seen as the frontrunner by those familiar with the situation.
While there has been no official confirmation from the Trump administration regarding the establishment of the crypto czar role or the advisory council, Giancarlo has expressed his willingness to be considered for the position, stating that he would be “honored” to take on such a role.
If this position is created, it could lead to a significant shift in US digital asset policy, aiming to strike a balance between regulatory oversight and fostering the growth of the crypto industry.