Former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo, known as “Crypto Dad,” has emerged as the leading candidate to become the first White House “crypto czar,” Fox Business reported on Nov. 21.
The Trump administration is reportedly establishing the role to guide US crypto policy and foster growth in the $3 trillion digital asset market. It is unclear whether the position will be included in the rumored Crypto Advisory Council.
Giancarlo’s crypto advocacy
Giancarlo previously served as CFTC chair from 2017 to 2019 during Donald Trump’s first term, during which time he oversaw the introduction of bitcoin futures. He currently advises blockchain advocacy groups and leads the Digital Dollar Project, which explores digital currencies’ potential.
Giancarlo has championed innovation in financial technology but opposes a federal central bank digital currency (CBDC), a stance aligning with Trump’s campaign platform.
Sources close to Trump’s transition team revealed that Giancarlo had declined consideration for roles at the SEC or CFTC but expressed openness to the “crypto czar position.” The role would involve crafting regulatory frameworks, advancing stablecoin oversight, and supporting US crypto firms.
Trump has vowed to overhaul crypto regulation, criticizing the Biden administration’s enforcement-led approach, which many industry leaders argue has driven innovation offshore. As part of his crypto-friendly agenda, Trump proposed creating a presidential advisory council on digital assets, with the czar potentially playing a key leadership role.
While industry insiders like Coinbase CEO Brian Armstrong and Ripple’s Brad Garlinghouse have reportedly supported the idea, some Trump advisers remain skeptical of adding new government roles. Critics view the move as inconsistent with Trump’s pledge to reduce bureaucracy.
Industry and administration outlook
The crypto industry has largely welcomed the potential appointment. Figures like Cardano founder Charles Hoskinson and Bitcoin Magazine CEO David Bailey have advocated for regulatory clarity and praised Giancarlo’s expertise.
Other potential candidates for the position include Bailey and Riot Platforms’ Brian Morgenstern, though Giancarlo remains the frontrunner, according to people familiar with the matter.
The Trump administration has not officially confirmed plans to establish the position or the advisory council. Giancarlo told reporters that he would be “honored to be considered.”
If implemented, the crypto czar role could mark a significant shift in U.S. digital asset policy, aiming to balance regulatory oversight with industry growth.