Donald Trump is said to be considering appointing Chris Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC), to the first Crypto management role at the White House.
As a prominent supporter of digital assets, Giancarlo has been a key member of Trump's transition team since his victory on November 5.
Trump Targets Chris Giancarlo for White House Crypto Management Board
During the campaign, President-elect Donald Trump promised to establish a management board for Crypto and fire SEC Chairman Gary Gensler. These pro-Crypto promises have triggered the ongoing price rally.
However, Trump's pro-Crypto moves have already started to materialize even before he takes office at the end of January 2025. This morning, Gensler announced his resignation after a 4-year term as SEC chairman.
Currently, Trump is considering the first Crypto advisory role at the White House, and Giancarlo is likely the top candidate, according to FOX Business.
"On the idea of a 'Crypto-Czar' at the White House, I feel that role needs to be filled by a neutral party, working with all protocols, and having deep understanding of why crypto is special and what the Biden administration has gotten wrong," Cardano founder Charles Hoskinson wrote on X (formerly Twitter).
The rumor of his candidacy has generated a lot of online support, with his fans eager to see Giancarlo back in government. The financier has long been a passionate advocate for Crypto, associated with the nickname 'Crypto Dad' in his book 'The Fight for the Future of Money'.
During his tenure at the CFTC from 2017 to 2019, Giancarlo was a powerful voice for Crypto. At a 2018 Senate hearing, he pushed for the CFTC to establish a framework to support the development of blockchain and virtual assets. After leaving his position, he founded the Digital Dollar Project.
In his role, Giancarlo helped establish criteria to define Bitcoin and Ethereum as commodities rather than securities. He was also a steadfast defender of XRP. In Ripple's fierce legal battle with the SEC, he strongly argued for the company's public interest.
"Wall Street meets the wild west of crypto: Giancarlo could be the regulatory hero we never knew we needed to clear the blockchain jungle from the rampant speculation," one user added.
However, Trump is said to have consulted with many industry luminaries to find the best person for the job. Other rumored candidates include David Bailey, CEO of BTC Inc., and Brian Morgenstern, policy director at Riot Platforms. Both have helped raise significant funds for Trump's campaign.
