J. Christopher Giancarlo, affectionately known as "Crypto Dad," dismissed speculation that he is being considered to replace Gary Gensler as head of the Securities and Exchange Commission (SEC).
On Thursday, the former Chair of the U.S. Commodity Futures Trading Commission (CFTC) took to X to deny reports he was seeking the agency’s top job.
“I’ve made clear that I’ve already cleaned up an earlier Gary Gensler mess,” he said. “[I] don’t want to have to do it again.”
He also pushed back against rumors he was seeking “some crypto role” within the U.S. Treasury Department, claiming they were “also wrong.”
Who Is Most Likely to Replace Gary Gensler After Trump Takes Office?
Crypto industry antagonist Gary Gensler’s days as Securities and Exchange Commission (SEC) Chair are numbered. Gensler's last day will be on January 20, 2025 as Donald Trump takes office, as announced last week, with the departure expected one way or another following Trump's win. The president-elect is poised to hammer home one of his most popular crypto promises made earlier this year. At least, that's what many in the industry are hoping for. “I will fire Gary Gensler on day one,” Trump decl...
The buzz around Giancarlo's potential return to a regulatory role comes amidst speculation of a shake-up at the SEC following Donald Trump’s re-election, with Gary Gensler's position as chairman hanging in the balance.
Giancarlo served as a commissioner at the CFTC from June 2014 to April 2019, stepping into the role shortly after Gensler’s departure as CFTC chair.
He earned the nickname "Crypto Dad" as he became a top figure in the crypto community by advocating for crypto innovation during his tenure.
After stepping down from his role, he co-founded the Digital Dollar Project in January 2020, which seeks to promote discussions on the future of “digital monetary innovations.”
All of Trump's Crypto Promises, From Boosting Bitcoin Mining to Firing Gensler
Former President Donald Trump has pitched big plans for crypto on the campaign trail, folding several promises into his reelection bid while trying to make inroads with digital asset owners. When it comes to the nascent industry, crypto isn’t listed among 20 core goals that make up the Republican Party’s official 2024 platform—and the topic didn't come up during his interview with Elon Musk in August. Still, in a draft document released in July, crypto was mentioned alongside artificial intellig...
Giancarlo has maintained that central bank digital currencies (CBDCs) are not the only path forward, noting that “crypto, CBDCs, stablecoins, and more” is the global future.
President-elect Donald Trump, whose return to the Whitehouse in January marks a significant comeback for the Republican party, has vowed to quash any future CBDC policy.
The crypto community is bracing for the possibility of Gensler’s departure, as Trump has also promised to replace the current SEC chair, whose term runs until 2026.
Giancarlo is not the only name being floated; other pro-crypto candidates include SEC Commissioners Hester Peirce and Mark Uyeda, former Binance.US CEO Brian Brooks, and others.
SEC, Gary Gensler Sued by 18 States Over Biden’s Crypto Crackdown
Ahead of an expected regulatory leadership transition following the election of Donald Trump, 18 states have filed suit against the Securities and Exchange Commission (SEC) and its commissioners, including Chairman Gary Gensler, over its crackdown on the crypto industry. Filed Thursday, the suit from 18 states and their respective attorneys general—all Republicans—along with the DeFi Education Fund, alleges that the regulator violated the U.S. Constitution in its approach to regulating digital a...
Gensler, a contentious figure in the crypto space, hinted at his possible departure during a speech at the 56th Annual Institute on Securities Regulation on Thursday.
At the end of the speech, he stated, “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” referring to his SEC colleagues.
The pressure on Gensler is at an all-time high this week as 18 states, along with the DeFi Education Fund, filed a lawsuit accusing the SEC of overreaching its authority on crypto regulations.
Filed Thursday, the suit alleges that under Gensler's leadership, the SEC deliberately bypassed standard procedures and withheld new crypto rules to pursue a "regulatory land grab."
Edited by Sebastian Sinclair
