Chris Giancarloa leading candidate to chair the US Commodity Futures Trading Commission (CFTC) and author of the book “Crypto Dad,” recently addressed key aspects of President-elect Donald Trump’s ambitious plans for the cryptocurrency sector.
In an interview with Fox Business, Giancarlo highlighted Trump’s vision to make the United States a global cryptocurrency hub and discussed the proposed creation of a Bitcoin Strategic Reserve.
Big changes in cryptocurrency regulation under Trump
during interviewGiancarlo noted that the current regulatory landscape for cryptocurrencies is in a constant state of flux, with major changes expected once Trump takes office on January 20.
The former head of the Commodity Futures Trading Commission (CFTC) pointed to a speech Trump gave earlier this year, in which he outlined initiatives like creating a cryptocurrency for the White House. council And implement a Bitcoin reserve. However, Giancarlo cautioned that these initiatives will require a significant foundation to achieve effectively.
When asked about his conversations with Trump Regarding cryptocurrencies, Giancarlo shared that he had frequent conversations during his tenure at the CFTC and Trump’s first term in office. Although he has not spoken to Trump since the election, he believes the former president is still engaged and active in pursuing these cryptocurrency initiatives.
A recent private meeting with Coinbase CEO Brian Armstrong fueled speculation surrounding Trump’s approach to cryptocurrencies. Reports indicate that this discussion revolved around developing a strategy to implement Trump’s promises and developing a regulatory framework to facilitate the growth of the industry.
See Bitcoin Strategic Reserve
Giancarlo also addressed the challenges faced by the US Securities and Exchange Commission (SEC) under the leadership of Gary Gensler, who… He announced his departure during Presidential inauguration.
Giancarlo has criticized Gensler’s tenure, citing issues with talent retention and regulatory overreach, which he believes have hampered the SEC’s effectiveness and innovation within the industry.
Looking to the future, Giancarlo emphasized the importance of appointing a new SEC head with institutional knowledge and a strong commitment to fostering innovation in the cryptocurrency space. Paul Atkins, former commissioner of the Securities and Exchange Commission during the George W. Bush administration, was mentioned as a strong candidate.
The main topic of Giancarlo’s discussion was Bitcoin Strategic Reservewhich he believes is critical to Trump’s cryptocurrency agenda. He explained that the new crypto czar must cooperate with the tax book to ensure that the promised moratorium on capital gains tax on US cryptocurrency holdings is implemented.
Additionally, this role may include drafting executive orders to dismantle regulatory barriers, such as the controversial “Operation Chokepoint 2.0.” Aiming to expose the digital assets industry.
Giancarlo concluded that Trump’s broader vision includes a second industrial revolution, with digital assets at its core alongside technologies such as… artificial intelligence (artificial intelligence), nanotechnology, and biotechnology.
The former head of the Commodity Futures Trading Commission (CFTC) said that if the United States shifts from its recent “resistance to innovation” to embracing these developments, it can achieve a 4.5% growth rate and address the country’s staggering $36 trillion in debt. He praised the Bitcoin Strategic Reserve concept as a forward-looking initiative in line with this vision.
At the time of writing, the leading digital asset is trading at $95,760, up 2% over the past 24 hours after briefly falling to the $91,000 level on Monday.
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