Former Commodity Futures Trading Commission (CFTC) Chair Christopher Giancarlo denied rumors about being considered as the next Chair of the US Securities and Exchange Commission (SEC). 

He also denied the rumors about being interested in a crypto-related role within the US Treasury Department, adding: 

“I’ve made clear that I’ve already cleaned up earlier Gary Gensler mess [at] CFTC and don’t want to have do it again.”

Although he did not specify, the ‘mess’ could be related to the SEC’s “regulation by enforcement approach” toward the crypto industry, which one of its Commissioners deemed a “disaster.”

Giancarlo took over as CFTC chair in August 2017, over three years and two terms after current SEC Chair Gary Gensler left the role. 

Giancarlo is also known as ‘Crypto Dad’ due to his friendly stance towards this industry in the US since 2018 when he said that “cryptocurrencies are here to stay.” In 2021, the former CFTC chair published an autobiography that includes his support for crypto.

He is currently serving as an advisor for the US Digital Chamber of Commerce.

Justified and essential

Gensler recently defended the SEC’s approach during a speech at the Practising Law Institute’s 56th annual conference on securities regulation, according to a CNBC report.

Gensler highlighted that while Bitcoin is not a security, a substantial number of the 10,000 other digital assets in circulation likely qualify as securities under US law. 

He further argued that this classification places them squarely under SEC regulation, reinfo

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Author: Gino Matos