"Crypto Dad" Could Become Trump's "Crypto Czar"

Former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo, AKA “Crypto Dad,” is emerging as the strongest candidate for Donald Trump's "Crypto Czar."

During his tenure at the CFTC, Giancarlo championed regulatory clarity, notably facilitating the introduction of bitcoin futures on US exchanges. He currently serves as the co-chair of the digital works practise at Willkie Farr & Gallagher.

Giancarlo's biggest claim to fame for the industry was overseeing the approval of the first Bitcoin futures products. He also published a book titled CryptoDad: The Fight for the Future of Money in 2021 and currently serves on the board of advisors of crypto lobbying firm, The Digital Chamber.

Initially pitched as a potential Gary Gensler replacement to lead the Securities and Exchange Commission (SEC), Giancarlo has since declined opportunities to head up the SEC or CFTC.

Instead, Giancarlo has signaled his readiness for broader influence in shaping the nation’s crypto strategy. He has voiced strong support for Trump's crypto-friendly agenda, which includes cutting crypto tax, ensuring access to self-hosted wallets, and potentially establishing a Bitcoin strategic reserve.

“Trump has been very specific in laying out a series of initiatives to make the United States the crypto capital of the world,” Giancarlo said about Trump's Bitcoin 2024 speech in Nashville.

“In other areas he's talked about a capital gains exemption for gains on U.S. domestic cryptos. He's talked about ending the debanking of crypto — sometimes called Choke Point 2.0 — and the a passage of new rules and regulations out of the CFTC and the SEC as well as stablecoin legislation," he added.

Giancarlo further praised Trump for focusing much of his election campaign on garnering support from the crypto industry. “The amount of attention and campaign contributions the crypto industry contributed this cycle is quite remarkable, and probably dispositive in a number of races,” Giancarlo said.

“The fact that contributors like Fairshake [the pro-crypto SuperPAC backed by entities like Coinbase] have dry powder left over could contribute to the next cycle and will result in responsive policy.”

Giancarlo has been critical of the current SEC leadership under Gary Gensler, accusing it of stifling the growth and maturity of the crypto sector through regulatory overreach and lack of engagement.

“Gensler's unwillingness to engage with crypto has actually kept it at a less mature phase of its development,” Giancarlo said. “Ending the suppression is going to bring it to a more mature and more useful period of development.”

“I've heard over and over again: 'same activity, same rules,’. But that's actually not the way the SEC operates. There are different rules for municipal securities than there are for corporate debt. There are different rules for debt securities than there are for equity securities. There are different rules for private placements than there are for public offerings. The SEC has a long tradition of having tailored regulations.”

Conversely, he predictably spoke well of the CFTC. “The CFTC has overseen more new product launches than almost any regulator in the world and certainly more than the SEC,” he said. “The CFTC is a very capable and competent regulator and can handle that spot authority.”

The incoming Trump administration is reportedly considering a major overhaul of cryptocurrency regulation in the US, aiming to transfer significant authority from the SEC to the CFTC. This potential shift would mark a notable departure from the SEC's historically aggressive stance on digital assets.