Donald Trump Earns ‘First Crypto President’ Title, Former CFTC Commissioner Claims

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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May 16, 2024 05:56 EDT

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Former President Donald Trump has been dubbed “America’s first crypto president” ever since his first year in office in 2017, according to Chris Giancarlo, a former CFTC commissioner. This designation came about when his administration approved the introduction of Bitcoin futures contracts, he said.

Giancarlo, speaking at a Washington DC crypto policy event on Wednesday, highlighted Trump’s supposedly long-standing reputation in the crypto industry, Fox Business reported. The ex-official’s comments come after Trump last week pledged to end cryptocurrency hostility if re-elected.

“In addition to announcing he’s now ‘good with it’ — crypto, that is — Trump may justifiably claim to be ‘America’s first crypto president,’” Giancarlo said. “That is because of the launch of regulated Bitcoin futures in the first year of the Trump presidency.”

“The enduring success of that regulated futures marketplace has helped ensure that the world’s first digital commodity — Bitcoin — is priced in US dollars,” he added.

The Chicago Mercantile Exchange (CME) launched its Bitcoin futures trading in 2017, joining CBOE among the first exchanges to offer this new financial instrument.

Crypto’s Political Trajectory in US Elections

Trump’s time as the 45th US president commenced with his inauguration on Jan. 20, 2017, and concluded on Jan. 20, 2021. According to Giancarlo, cryptocurrency was not a politicized issue in 2017. At the time, he along with fellow CFTC commissioners were “unified in support of regulatory innovation.”

But now, seven years down the line, crypto is on the brink of becoming a political focal point for the first time in a presidential election.

Donald Trump’s Changing Views on Crypto

Before becoming a crypto advocate, Trump voiced strong criticism in July 2019. He labeled them “not money” and slammed their volatility and lack of inherent value. Additionally, he raised concerns about their potential use in criminal activities such as drug trafficking.

Some in the industry worry about Biden’s stance on crypto, while others hope for favorable legislation under his administration. Charles Hoskinson, Cardano’s founder, criticized Biden for hindering the crypto industry, citing regulatory uncertainties. On the contrary, Kyle Bligen from the Chamber of Progress sees potential for positive crypto laws if Biden is re-elected.

Under Biden, the SEC and the CFTC have fought over crypto industry jurisdiction. Congress struggles with bipartisan legislation to resolve the issue. Meanwhile, courts grapple with whether digital assets should be commodities or securities.