Chris Giancarlo, the former Commodity Futures Trading Commission (CFTC) chair, is under consideration for a newly proposed “crypto czar” role in the Trump administration, according to a Thursday report by Fox Business.
The position is expected to focus on shaping U.S. crypto policy and fostering a regulatory environment that supports blockchain and digital assets.
He previously led the Digital Dollar Project, which explores the potential for a U.S. central bank digital currency (CBDC).
Known as “Crypto Dad” for his advocacy of blockchain innovation during his tenure as CFTC chair, Giancarlo has been a prominent voice in the push for modernized financial systems.
If selected, he would likely collaborate with Congress and regulatory agencies to create clearer frameworks for the crypto industry.
Reports suggest that Giancarlo removed himself from consideration for roles at the CFTC and the Securities and Exchange Commission (SEC), expressing a preference for the proposed crypto czar role.
Some advisors have voiced concerns about adding to government bureaucracy, which would contrast with Trump’s broader agenda of reducing the federal government’s footprint. Sources close to the transition team have indicated that discussions about the role are ongoing, and no formal decision has been made.
Despite Giancarlo’s qualifications, skepticism persists within Trump’s team regarding the necessity of creating this new role.
“It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world,” he said in a statement.
In related news, SEC Chair Gary Gensler has announced his resignation effective January 20, 2025.