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As Donald Trump considers implementing a new ‘Crypto Czar’ position in the White House, Chris Giancarlo is said to be one of the candidates in the running.
This is the first time a position like this will be created, with the selected person possibly having oversight of the $3 trillion blockchain industry.
While several frontrunners have been spoken about, The Block is reporting that the former Commodity Futures Trading Commission Chair Chris Giancarlo is a serious contender.
In an interview with the American attorney and former business executive, Giancarlo told the publisher on Wednesday (November 27) that he has “already turned down positions running the CFTC and Securities and Exchange Commission.”
He also said: “Trump has been very specific in laying out a series of initiatives to make the United States the crypto capital of the world.”
This commitment is said to include “creating a strategic reserve of bitcoin to creating a Crypto Council to guaranteeing people’s ability to have self-hosted wallets.”
Chris Giancarlo’s involvement with the Trump team
ICYMI: My analysis of Trump's seven cryptocurrency promises: https://t.co/PkRRRExFQS
— Chris Giancarlo (@giancarloMKTS) November 26, 2024
Giancarlo has been a key member of the Trump transition team, but it’s not yet been made public when the President-elect will be choosing the person for the job – if the role is to be created.
It was rumored that the business mogul turned politician has already been vetting candidates, with the new role acting as the go-between for Trump and the government bodies when it comes to digital currencies.
In the interview with The Block, Giancarlo said there’s an ‘existing gap right now’ in cryptocurrency regulation.
“The CFTC has overseen more new product launches than almost any regulator in the world and certainly more than the SEC,” Giancarlo said. “The CFTC is a very capable and competent regulator and can handle that spot authority.”
This new report of Giancarlo being a strong contender for the position comes after Fox Business recently stated the incoming Trump administration wants to expand the power of the Commodity Futures Trading Commission (CFTC) by granting it oversight of a significant portion of the digital asset industry.
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