Just a day earlier, media reported that Trump's team plans to set up a senior position responsible for cryptocurrency policy in the White House for the first time, and now there are reports of the possible candidate for the first White House 'Cryptocurrency Czar'.
On November 21, Thursday, Eastern Time, Fox News learned that attorney Chris Giacarlo, who was nicknamed 'CryptoDad' by the cryptocurrency community, is the strongest contender for the aforementioned new White House position. Trump's transition team is considering appointing this new government position to help promote the growth of the $3 trillion digital asset market.
Giacarlo served as the chairman of the Commodity Futures Trading Commission (CFTC), the highest regulatory authority for U.S. financial derivatives, during Trump's first term as president. Under Giancarlo's leadership, the CFTC approved Bitcoin futures contracts for trading in the U.S. in 2017 and approved the license application for LedgerX, a New York startup's Bitcoin options trading platform, making LedgerX the world's first institution authorized to clear and settle digital currency derivative contracts.
Fox reported on Thursday that whether before the U.S. election day on November 5 or after Trump's victory, the 65-year-old Giancarlo has been a key member of Trump's transition team. In recent weeks, he has withdrawn from the competition for the positions of chairman of the CFTC and SEC, but he has told senior officials of the transition team that he is willing to serve as the 'Cryptocurrency Czar'.
During his campaign, Trump promised to provide a more regulatory-friendly environment for cryptocurrency and revolutionary blockchain technology, which can facilitate the use of digital assets for transactions. Wall Street Watch noted that Giancarlo's past support for the cryptocurrency industry could enhance his chances of becoming the White House 'Cryptocurrency Czar'.
After stepping down as chairman of the CFTC, Giancarlo published a book titled (CryptoDad: The Fight for the Future of Money). The term 'CryptoDad' in the book's title was inspired by a nickname that industry insiders gave him during his leadership of the CFTC.
The introduction of this book on Amazon's website states that Giancarlo is considered one of the 'most influential figures in financial regulation'. He has strongly urged Congress to recognize and respect cryptocurrency as an inevitable product of the rapidly evolving technological wave and free market, hence being called 'CryptoDad'. During his tenure as the 13th chairman of the CFTC, he promoted the agency's recognition of market digitalization. In important discussions on social media X, formerly known as Twitter, Giancarlo defended the future of cryptocurrency, arguing that it is a natural successor to the current failed financial market infrastructure in the U.S., thus gaining increasing popularity on X.
This Wednesday, Bloomberg reported, citing informed sources, that Trump's team is setting up a dedicated cryptocurrency position in the White House, which will be called the head of overseeing federal government-related policies and industry regulation, also known as the 'Cryptocurrency Czar'.
Reports indicate that this week, Trump's team has held multiple consultations with executives from the digital asset industry, discussing that the new position's appointee will lead a small team and act as a liaison between Congress, the White House, and various cryptocurrency regulatory agencies.
Fox's report on Thursday mentioned that after meeting with executives from leading cryptocurrency companies, including Brian Armstrong, CEO of the largest U.S. cryptocurrency exchange Coinbase, and Brad Garlinghouse, CEO of Ripple Labs, Trump is willing to establish such a position, and with his qualifications in Washington and deep understanding of policy implementation, Giancarlo is currently the most likely candidate for this position.
After news broke that Giancarlo is likely to become the 'Cryptocurrency Czar', Bitcoin further rose during trading. According to CoinMarketCap, on Thursday during the U.S. stock market's midday session, Bitcoin's trading price briefly broke $99,000, marking a third consecutive day of historic highs, rising over $5,000, or more than 5%, from an intraday low of $93,900 earlier in the Asian market, with the cumulative increase over the past month expanding to nearly 50%.
On the same Thursday, the SEC announced that Gary Gensler will step down as SEC chairman on January 20 of next year, the day of Trump's inauguration. Gensler's departure, who pushed an aggressive agenda to combat violations in the cryptocurrency industry during his tenure, is seen as a positive for the crypto circle and could drive up coin prices.
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