Christopher Giancarlo, former Chair of the Commodity Futures Trading Commission (CFTC), has denied rumors about him being considered as the next Chair of the US Securities and Exchange Commission (SEC). He also dismissed speculation about him being interested in a crypto-related role within the US Treasury Department.
Giancarlo, who is also known as “Crypto Dad” for his pro-crypto stance, took over as CFTC chair in August 2017 and published an autobiography in 2021 that included his support for cryptocurrencies. Giancarlo’s denial comes as Gary Gensler, the current SEC Chair, has been defending the SEC’s “regulation by enforcement approach” toward the crypto industry, which has been criticized as a disaster by one of the SEC Commissioners.
Gensler has argued that most of the 10,000 digital assets in circulation likely qualify as securities under US law and should therefore be regulated by the SEC. He has also emphasized the need for sellers and intermediaries to register to protect investors and uphold market integrity, citing instances where poorly policed digital assets had failed to demonstrate lasting utility or stability.
Since Gensler took the helm in 2021, the SEC has pursued numerous lawsuits against crypto firms, including major exchanges like Kraken, Binance, Ripple, and Coinbase. Many within and outside the industry have criticized the SEC’s actions and claim that it has failed to provide regulatory clarity for the industry.
