Digital assets are a “considerable priority” for Donald Trump’s administration, according to former CFTC Chairman Christopher Giancarlo, who is a candidate for the role of “crypto czar,” reports The Block.
“The elected president has meticulously outlined a series of initiatives to transform the U.S. into the crypto capital of the world,” he noted.
Giancarlo highlighted that the program includes:
- the creation of a strategic Bitcoin reserve;
- the establishment of a Cryptocurrency Council;
- guaranteeing citizens the ability to have their own wallets;
- exemption from capital gains tax on “American cryptocurrencies” earnings;
- ending the campaign to restrict industry startups’ access to banking services;
- adopting new rules and regulations from the CFTC and SEC, as well as stablecoin legislation.
Giancarlo emphasized that Trump is considering appointing candidates supportive of digital assets to key government positions.
Specifically, he suggested Elon Musk and former U.S. presidential candidate Vivek Ramaswamy to lead the new Department of Government Efficiency (DOGE).
Criticism of Gensler
The former CFTC chairman stated that the SEC’s inability to develop clear policies has significantly hindered industry growth. Giancarlo also noted the industry’s support for pro-crypto congressional candidates and their electoral success.
According to the former official, there is currently a “gap” in digital asset regulation. He supported the proposal to expand the CFTC’s powers.
Giancarlo criticized the SEC and its chairman, Gary Gensler, who should have “followed the example” of the competing agency, which actively engaged with the industry during Giancarlo’s tenure.
In the run-up to the elections, Giancarlo was mentioned as a potential candidate for SEC head if Trump wins. He declined to replace Gensler due to the need to “clean up” the aftermath of his predecessor’s work.
Giancarlo refuted Gensler’s claims that existing securities regulations should apply to projects and companies in the industry. In his view, the regulator missed the opportunity to create “procedures and policies tailored to cryptocurrencies.”
“The SEC has a long tradition of developing bespoke rules,” Giancarlo explained.
The appointment of a “crypto czar” is expected to provide the digital asset industry with a specific official to address industry issues and engage in dialogue with the president.
As reported by FOX Business, former SEC Commissioner Paul Atkins became the leading candidate for the agency’s head under Donald Trump’s administration.
Among the suggested candidates for the SEC leadership were billionaire Mark Cuban, Robinhood CLO Dan Gallagher, former CFTC Chairman Chris Giancarlo, SEC Commissioner Hester Peirce, and former Commission General Counsel Robert Stebbins.