The ex-commissioner at CFTC dismisses the crypto role in the Trump-led administration, claiming the SEC ties as rumours.
Christopher Giancarlo, popularly identified as ‘Crypto Dad’, pushed back against the speculation of eyeing to replace the embattled Gary Gensler as the Securities and Exchange Commission (SEC) chair. The Crypto Dad dismissed the claims, indicating that he had already cleared the mess by the current head of the securities watchdog.
In a Thursday, November 14 update on X (formerly Twitter), Giancarlo denied links to the Commission’s top job. He confirmed that he already addressed the wrongs perpetrated by the incumbent SEC chair. Further, he declared disinterest in doing it again.
Is Giancarlo Replacing Gensler?
Giancarlo disagreed with the assertions that he would rejoin Donald Trump’s administration to serve within the US Treasury Department. Despite labelling the speculations as erroneous, he indirectly waded into the buzz regarding a potential shake-up at the SEC. As such, it appears the Trump re-election leaves Gensler’s position as chair in the balance.
Giancarlo served in a commissioner role at the Commodity Futures Trading Commission (CFTC) from mid-2014 to April 2019. He would serve in the acting chair role following Gensler’s departure from August 2017 till July 2019. In his tenure, Giancarlo earned the Crypto Dad title as he emerged as a top figure in support of digital assets and innovation.
Giancarlo would exit CFTC to co-establish the Digital Dollar Project in 2020. The initiative targets advancing discussions on digital monetary innovations. Besides, it targets the preservation of the US dollar’s role within decentralized and centralized digital currency networks.
Giancarlo holds that the central bank digital currencies (CBDCs) are not the singular path forward. Instead, he notes that stablecoins, CBDCs, and crypto present the global future.
Trump’s re-election has set the crypto community in optimism that his return to the Whitehouse would help halt the enforcement actions overseen by the Gensler-led SEC. Notably, Trump vowed to quash the CBDC policy if elected president.
Since the Grand Old Party (GOP) triumphed over the Democrats, the crypto community seems bracing for the possible Gensler departure. Such emerged from Trump’s promise to replace Gensler despite his term running until 2026.
Giancarlo’s name is floated along with other pro-crypto candidates, including serving Commissioners Mark Uyeda and Hester Peirce. The former chief at Binance.US, Brian Brooks, is also featured in the list of potential Gensler’s successor.
Gensler emerges as a contentious and unwanted figure within the crypto space. Aware of such animosity, the chair hinted at a potential exit while addressing the 56th Annual Institute on Securities Regulation.
While concluding his Thursday, November 14, address, Gensler expressed gratitude for the achievements realized by the agency. He cited the gains in capital markets as an outcome of the joint efforts of the SEC colleagues.
18 States Case Against SEC
Gensler faces increased scrutiny this week as 18 states, alongside the DeFi Education Fund, levelled a lawsuit alleging the SEC overreach in the crypto regulations. The suit filed on Thursday indicates Gensler’s leadership is to fault for the SEC deliberately bypassing the standard procedures.
The suit considers the SEC the gatekeeper hindering the new crypto rules so that it can pursue the usual regulatory enforcement. Acting beyond the Congressional authorization portrays the SEC’s efforts to seek to wrest the regulatory authority from the States. The agency accomplishes this objective via enforcement actions that target firms operating within the digital asset industry.
The lawsuit filed within the Kentucky federal court is overseen by Rusell Coleman. The Kentucky attorney general confirmed framing the suit in starkly partisan terms.
Coleman faults the Biden-Harris Administration for failing to encourage the vibrant digital industry. Instead, it appears fixated on unlawfully cracking down on the crypto industry.
Coleman confirmed teaming up with conservative attorney generals to keep the federal agencies from invading the Kentuckians’ wallets.
Editorial credit: JRdes / Shutterstock.com
All trademarks, logos, and images displayed on this site belong to their respective owners and have been utilized under the Fair Use Act. The materials on this site should not be interpreted as financial advice. When we incorporate content from other sites, we ensure each author receives proper attribution by providing a link to the original content. This site might maintain financial affiliations with a selection of the brands and firms mentioned herein. As a result, we may receive compensation if our readers opt to click on these links within our content and subsequently register for the products or services on offer. However, we neither represent nor endorse these services, brands, or companies. Therefore, any disputes that may arise with the mentioned brands or companies need to be directly addressed with the respective parties involved. We urge our readers to exercise their own judgement when clicking on links within our content and ultimately signing up for any products or services. The responsibility lies solely with them. Please read our full disclaimer and terms of use policy here.