According to U.Today, former CFTC Chair Chris Giancarlo, often referred to as "Crypto Dad" for his supportive stance on digital assets, has confirmed that he is not seeking to replace SEC Chair Gary Gensler. In a recent social media post, Giancarlo expressed his disinterest in addressing what he described as Gensler's "mess." Gensler, who previously led the CFTC from May 2009 to January 2014, has been known for his stringent approach towards cryptocurrencies since taking over the SEC. Giancarlo, who joined the CFTC as a commissioner in 2014 and led the agency from August 2017 to July 2019, has also dismissed rumors about taking a crypto-related position at the US Department of Treasury.
During his tenure at the CFTC, Giancarlo declared that Bitcoin and Ethereum, the two leading cryptocurrencies, were not securities. In June 2020, he also stated that the Ripple-affiliated cryptocurrency was not a security, although this claim was met with skepticism due to Ripple's involvement in the report he co-authored. This report was released shortly before former SEC Chair Jay Clayton initiated legal action against Ripple in December 2020. Gensler, upon assuming leadership of the SEC, adopted a more aggressive stance towards the crypto industry, initiating numerous legal actions against crypto companies. His agency recently decided to appeal a lawsuit in early October.
With Gensler anticipated to leave the SEC, there is speculation that the agency may drop all non-fraud-related crypto cases. Among the potential candidates to succeed Gensler are Dan Gallagher, Robinhood's chief legal officer, and former SEC Commissioner Paul Atkins. Meanwhile, SEC Commissioner Hester Peirce, known as "Crypto Mom," has reportedly shown no interest in the position.
