Former CFTC Chair Chris Giancarlo, also known as “Crypto Dad,” is reportedly the leading candidate to become the first White House “crypto czar,” according to Fox Business. This position is being established by the Trump administration to guide US crypto policy and promote growth in the $3 trillion digital asset market. It is unclear if the role will be part of the rumored Crypto Advisory Council.
Giancarlo, who previously served as CFTC chair from 2017 to 2019, oversaw the introduction of bitcoin futures during Trump’s first term. He now advises blockchain advocacy groups and heads the Digital Dollar Project, which explores the potential of digital currencies. While he supports financial technology innovation, he opposes a federal central bank digital currency, which aligns with Trump’s stance.
Sources close to Trump’s transition team have disclosed that Giancarlo declined consideration for positions at the SEC or CFTC but is open to the “crypto czar position.” If selected, he would be responsible for developing regulatory frameworks, enhancing stablecoin oversight, and supporting US crypto companies. Trump has promised to revamp crypto regulation, criticizing the Biden administration’s approach that he believes has pushed innovation overseas.
Coinbase CEO Brian Armstrong and Ripple’s Brad Garlinghouse have reportedly shown support for creating a presidential advisory council on digital assets, with the crypto czar potentially playing a crucial leadership role. However, some Trump advisers are cautious about adding new government positions, as it may go against Trump’s goal of reducing bureaucracy. The potential appointment of a crypto czar has received positive responses from industry leaders, such as Cardano founder Charles Hoskinson and Bitcoin Magazine CEO David Bailey, who advocate for regulatory clarity.
Aside from Giancarlo, other candidates for the crypto czar position include David Bailey and Brian Morgenstern from Riot Platforms. Despite other potential candidates, Giancarlo is believed to be the frontrunner for the role based on information from sources familiar with the matter. While the Trump administration has not officially confirmed plans for the position or the advisory council, Giancarlo has expressed his willingness to be considered for the role.
If the crypto czar position is established, it could result in a significant change in US digital asset policy by aiming to strike a balance between regulatory oversight and industry growth. With Giancarlo potentially at the helm, the US could see advancements in crypto regulation and a boost in the digital asset market with his expertise and advocacy for innovation in the space.
