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Key Takeaways

Chris Giancarlo is a frontrunner for the first-ever crypto role in the White House.
The leader of the proposed role would help establish a framework for the $180 billion stablecoin market.

Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC), has emerged as a leading contender for a potential new Trump administration role, according to a FOX Business report.

The Trump transition team is considering creating the position to help foster growth in the $3 trillion digital asset market.

Giancarlo who led the CFTC during Trump’s first term, has indicated interest in the role after removing himself from consideration for leading the CFTC and SEC.

The potential position emerged from discussions between Trump and crypto industry leaders, including Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse.

During his campaign, Trump pledged to establish a crypto presidential advisory council within his first 100 days and promised to dismiss SEC Chairman Gary Gensler on his first day in office.

Giancarlo, known as “Crypto Dad,” currently serves as senior counsel at Willkie Farr & Gallagher and holds advisory positions with the Chamber of Digital Commerce and stablecoin company Paxos.

He also founded the Digital Dollar Project, a nonprofit exploring the digital future of the US dollar.

The proposed role would focus on developing a framework for the $180 billion stablecoin market and potentially collaborating with financial regulators to establish safe harbors for US businesses in the digital asset sector.

Other potential candidates for the position include David Bailey, CEO of Bitcoin Inc., and Brian Morgenstern, public policy chief at Riot Platforms, both of whom raised funds for Trump’s campaign.

Bailey has been advising the Trump transition team on crypto-related decisions.