Former CFTC Chairman Chris Giancarlo Leads Race for White House “Crypto Czar” Role

Chris Giancarlo is the frontrunner for the White House’s first-ever cryptocurrency position. The proposed role’s leader will help establish a framework for the $180 billion stablecoin market.

According to Fox Business, former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo has emerged as a top contender for a potential new position within the Trump administration.

The Trump transition team is considering creating a role to help foster the growth of the $3 trillion digital asset market.

Giancarlo, who led the CFTC during Trump’s first term, expressed interest in the position after ruling out leading the CFTC and SEC.

This potential role stems from discussions between Trump and cryptocurrency industry leaders, including Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse.

During his campaign, Trump promised to establish a cryptocurrency presidential advisory committee within his first 100 days in office and pledged to fire SEC Chairman Gary Gensler on his first day.

Giancarlo, known as the “Crypto Dad,” currently serves as a senior advisor at Willkie Farr & Gallagher and holds advisory positions at the Digital Chamber and stablecoin company Paxos.

The proposed role will focus on creating a framework for the $180 billion stablecoin market and may collaborate with financial regulators to establish a safe harbor for U.S. businesses in the digital asset space.

Other potential candidates for the position include Bitcoin company CEO David Bailey and Riot Platforms public policy head Brian Morgenstern, both of whom have raised funds for Trump’s campaign.

Sentiment: Neutral