Former CFTC Chair Rejects SEC and Treasury Roles Amid Crypto Regulation Debate

Christopher Giancarlo, the former chair of the Commodity Futures Trading Commission (CFTC), dismissed rumors suggesting he was being considered for the role of SEC Chair or any position related to crypto within the U.S. Treasury Department.

He emphasized that he had no interest in revisiting his past work, particularly when he noted he had already “cleaned up” what he referred to as the “mess” left by current SEC Chairman Gary Gensler during his time at the CFTC.

While Giancarlo did not elaborate, his remark likely alludes to the SEC’s controversial “regulation by enforcement” approach, which has been heavily criticized, including by one of its own commissioners.

Known as “Crypto Dad” for his positive stance on cryptocurrencies, Giancarlo served as CFTC chair from 2017 and has been a prominent advocate for digital assets. He gained the moniker after expressing early support for the sector, famously declaring in 2018 that cryptocurrencies were “here to stay.” Giancarlo remains a respected figure within the industry and is currently advising the U.S. Digital Chamber of Commerce.

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Meanwhile, Gensler recently defended the SEC’s aggressive regulatory tactics in a speech, reiterating that while Bitcoin is not classified as a security, many other cryptocurrencies likely fall under securities law. He argued that this distinction necessitates SEC oversight to protect investors and ensure market integrity.

Gensler’s stance has been controversial, with critics arguing that the SEC’s actions, including multiple high-profile lawsuits against crypto firms, have created regulatory uncertainty for the industry. However, Gensler maintains that strict oversight is crucial to prevent investor harm and ensure the long-term stability of the market.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.