Chris Giancarlo, a former CFTC commissioner, claims that former President Donald Trump has earned the title of "America's First Cryptocurrency President" already in the first year of his presidency in 2017. According to Giancarlo, the moniker came about due to the Trump administration's decision to approve the introduction of bitcoin futures contracts.
Speaking at a #cryptocurrency policy event in Washington, D. C. , on Wednesday, Giancarlo emphasized Trump's longstanding connection to the crypto industry, which he said not everyone is aware of. His comments came after Trump's recent announcement that he would end hostility toward #cryptocurrencies if re-elected.
Giancarlo noted that Trump has not only announced that he now understands cryptocurrencies, but he can justifiably call himself "America's first crypto president. " This is because in 2017, during Trump's presidency, regulated #bitcoin futures trading was launched. Giancarlo explained that the success of this regulated futures market helped ensure that bitcoin, the world's first digital currency, was valued in U. S. dollars.
The Chicago Mercantile Exchange (CME) launched bitcoin futures trading in 2017, joining the CBOE among the first exchanges to offer this new financial instrument. The presidency of Trump, the 45th president of the United States, began on January 20, 2017 and ended on January 20, 2021.
Giancarlo recalled that in 2017, cryptocurrency was not yet a politicized issue. At the time, he, along with other CFTC commissioners, unanimously supported regulatory innovation. But now, seven years later, cryptocurrency is becoming increasingly politicized, especially in the context of the upcoming presidential election.
\nInterestingly, prior to becoming an advocate for cryptocurrencies, Trump was a critic of them. In July 2019, he called cryptocurrencies "not money" and criticized their volatility and lack of intrinsic value. He has also expressed concern about their potential use in criminal activities such as drug trafficking.
The current Biden administration's attitude toward cryptocurrencies is causing mixed feelings among industry members.
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