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Chris Giancarlo, the former chair of the Commodity Futures Trading Commission (CFTC) and a prominent blockchain advocate, has quashed speculation about taking over the reins at the Securities and Exchange Commission (SEC). On November 14, Giancarlo dismissed the rumors in an X post, stating, “I’ve made clear that I’ve already cleaned up earlier Gary Gensler mess [at the CFTC] and don’t want to have [to] do it again.”
Giancarlo Clarifies Stance on SEC Leadership Rumors
Giancarlo, popularly known as “Crypto Dad,” earned his nickname for championing blockchain technology and advocating for regulatory clarity during his CFTC tenure from 2014 to 2019. While some reports speculated about his potential return to a crypto-related leadership role, including at the U.S. Treasury, Giancarlo unequivocally rejected such claims.
“Rumors that I’m interested in some crypto role [at the] US Treasury are also wrong,” he added.
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Giancarlo’s recent comments come amidst a wave of uncertainty surrounding the SEC’s leadership, with current Chair Gary Gensler widely expected to step down following Donald Trump’s return to the presidency in January 2025. Trump has openly criticized Gensler and promised to replace him on “day one” of his administration, further fueling speculation about who might helm the SEC.
Trump Administration Eyes Gensler Replacement
While Gensler has not formally announced plans to step aside, it is customary for SEC chairs to resign following a change in administration. Trump’s transition team is reportedly evaluating several candidates, with Dan Gallagher, a former SEC commissioner and legal head at Robinhood Markets, rumored to be a frontrunner.
Other contenders include Mark Uyeda, a current SEC commissioner known for criticizing Gensler’s approach to crypto regulation, and Paul Atkins, who served on Trump’s 2016 transition team. Robert Stebbins, former SEC general counsel during Trump’s first term, is also reportedly in consideration.
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Legal hurdles, however, may complicate efforts to oust Gensler swiftly. While Trump has pledged to revamp the SEC’s approach to cryptocurrency oversight, analysts note that removing a sitting chair involves navigating procedural and political obstacles.
As the crypto industry watches closely, Giancarlo remains committed to his role as co-founder of the Digital Dollar Project, which advocates for exploring a U.S. Central Bank Digital Currency.
