Former CFTC Chairman Poised to Become First “Crypto Czar” Says Crypto Is a “Major Priority” for the Trump Administration

Former CFTC Chairman Chris Giancarlo is a strong contender to become the first U.S. “Crypto Czar,” a new position being considered by President-elect Trump that could oversee the $3 trillion blockchain industry. Giancarlo, known as “Crypto Dad” for his work in advancing clear regulation during his two-year tenure, including paving the way for bitcoin futures to trade on U.S. exchanges, said in an interview on Wednesday that he has turned down positions at both the CFTC and the U.S. Securities and Exchange Commission. “Trump laid out a very specific set of initiatives to make the United States the crypto capital of the world,” Giancarlo said, referring to a speech Trump gave at the Bitcoin 2024 conference in Nashville in July. He said that included “establishing a strategic reserve of bitcoin, establishing a cryptocurrency committee, guaranteeing people the ability to have self-custody wallets.” Among other areas, he talked about capital gains tax exemptions on domestic cryptocurrency gains in the U.S., ending the debanking of cryptocurrencies (also known as “Choke Point 2.0”), and passing new rules and regulations for the CFTC and SEC, as well as stablecoin legislation. Giancarlo, who was a key member of Trump's transition team, added that cryptocurrency will be a "big priority" for the new administration. Although Trump was once a cryptocurrency skeptic, he has maintained good relations with industry insiders during his re-election bid over the past year and has made many promises to improve the prospects of the U.S. cryptocurrency industry. "As far as candidates go, they are usually not very specific. I think Trump is very specific about what he is going to do," he said, noting that Trump has surrounded himself with pro-crypto advocates, such as Elon Musk and Vivek Ramaswamy, the head of the Department of Government Efficiency. (The Block)