J. Christopher Giancarlo, who is affectionately referred to as “Crypto Dad,” denied rumors that he is being considered as a potential successor to Gary Gensler as the chief of the Securities and Exchange Commission (SEC).
Crypto Dad Denies Rumors
The former Chair of the U.S. Commodity Futures Trading Commission (CFTC) denied reports that he was pursuing the agency’s top position on Thursday by appearing on X.
“I’ve made clear that I’ve already cleaned up an earlier Gary Gensler[‘s] 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.”
The speculation regarding Giancarlo’s potential return to a regulatory role is occurring in the context of a potential SEC restructuring in the wake of Donald Trump’s re-election, with Gary Gensler’s status as chairman remaining uncertain.
Giancarlo assumed the position of commissioner at the CFTC from June 2014 to April 2019, immediately following Gensler’s resignation as chair.
During his tenure, he became a prominent figure in the crypto community by advocating for crypto innovation, earning the moniker “Crypto Dad.”
He co-founded the Digital Dollar Project in January 2020, after resigning from his position. The organization’s objective is to foster discourse regarding the future of “digital monetary innovations.”
Giancarlo has continued to assert that central bank digital currencies (CBDCs) are not the sole viable alternative, stating that the global future is comprised of “crypto, CBDCs, stablecoins, and more.”
In January, President-elect Donald Trump will assume the presidency, marking a significant return for the Republican party. He has pledged to veto any future CBDC policy.
Trump has also pledged to replace the current SEC chief, whose term expires in 2026. Consequently, the crypto community is anticipating Gensler’s departure.
Other candidates who are pro-crypto include former Binance employees Mark Uyeda and Hester Peirce, who are both SEC Commissioners. Giancarlo is not the sole name being bandied about. Brian Brooks, the CEO of the United States, and other individuals.
Gensler, a controversial figure in the crypto industry, suggested that he may be departing during a speech at the 56th Annual Institute on Securities Regulation on Thursday.
At the conclusion of the speech, he expressed his gratitude to his SEC colleagues, stating, “It has been an immense honor to serve alongside them, ensuring that our capital markets remain the best in the world and performing the people’s work.”
This week, Gensler is under unprecedented pressure as 18 states and the DeFi Education Fund have filed a lawsuit against the SEC, alleging that it has exceeded its authority in regulating cryptocurrency.
The suit, which was filed on Thursday, claims that the SEC intentionally bypassed standard procedures and withheld new crypto regulations under Gensler’s leadership in order to pursue a “regulatory land grab.”
