Chris Giancarlo, the former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), has dismissed rumors about his potential involvement in the race for the position of Chairman of the Securities and Exchange Commission (SEC).
In a post on X on November 14, Giancarlo, widely known by his nickname "Crypto Dad", shared:
"I've cleaned up Gary Gensler's mess at the CFTC and don't want to have to do it again at the SEC".
Giancarlo served as a CFTC Commissioner from June 2014 to April 2019, joining the agency just a few months after Gensler's term as CFTC Chairman ended in January 2014. He was later appointed as the CFTC's Acting Chairman, holding this position from January to August 2017.
He has also dismissed rumors that he is considering taking a position related to cryptocurrencies at the U.S. Department of the Treasury, stating that this information is completely false.
Giancarlo, known as the "Crypto Dad", is prominent for his strong support of blockchain technology. He is a co-founder of the Digital Dollar Project, an initiative aimed at promoting research and development of Central Bank Digital Currencies (CBDCs) in the United States. Additionally, he was appointed to the board of directors of the cryptocurrency lending company BlockFi in April 2020, just about 30 months before the company filed for Chapter 11 bankruptcy in November 2022.
The interest in Gary Gensler's successor at the SEC has intensified significantly following Donald Trump's victory in the 2024 presidential election. Trump has publicly stated that if re-elected, he will fire Gensler "on day one" of his term, as part of his commitment to the cryptocurrency industry.
Traditionally, the SEC Chairman typically resigns when there is a change in administration, although Gensler has not publicly confirmed this, there have been indications suggesting he may depart. Currently, Trump's transition team is reportedly considering candidates for this position, with former SEC Commissioner and Robinhood's general counsel, Dan Gallagher, said to be a top contender.
Mark Uyeda, the current SEC Commissioner, is also one of the notable candidates to replace Gary Gensler. Uyeda has strongly criticized the SEC's approach to cryptocurrencies, calling Gensler's policies a "disaster for the entire industry" in a speech in October.
Additionally, the potential candidate list includes Paul Atkins, a former SEC Commissioner who was involved in Trump's transition team in 2016, and Robert Stebbins, a partner at the law firm Willkie Farr & Gallagher, who served as a common counsel to the SEC during Trump's first presidential term.
Although former President Trump has pledged to fire Gensler if re-elected, some experts warn that legal barriers may make it difficult to replace him quickly. Trump is expected to take office on January 20, 2025.
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According to Cointelegraph
