Crypto Dad Giancarlo dismisses SEC chair rumors, critiques Gensler’s legacy Crypto Dad Giancarlo dismisses SEC chair rumors, critiques Gensler’s legacy
Former CFTC Chair Christopher Giancarlo stated he is not among the names considered to be the next SEC chief.
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Updated: Nov. 14, 2024 at 6:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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).ย
He also denied the rumors about being interested in a crypto-related role within the US Treasury Department, adding:ย
โIโve made clear that Iโve already cleaned up earlier Gary Gensler mess [at] CFTC and donโt want to have do it again.โ
Although he did not specify, the โmessโ 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.ย
Giancarlo is also known as โCrypto Dadโ due to his friendly stance towards this industry in the US since 2018 when he said that โcryptocurrencies are here to stay.โ 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.ย
He further argued that this classification places them squarely under SEC regulation, reinforcing the need for sellers and intermediaries to register to protect investors and uphold market integrity.
Additionally, the SEC Chair described the regulator’s vigilance as necessary to prevent “significant investor harm,” citing instances where poorly policed digital assets had failed to demonstrate lasting utility or stability.ย
He warned that the sector’s lax regulatory oversight exposed investors to risks, suggesting that the SEC’s tough stance was justified and essential to protect the public.
Since Gensler took the helm in 2021, the SEC has pursued numerous lawsuits against crypto firms, including major exchanges like Kraken, Binance, Ripple, and Coinbase. Many within and without the industry have criticized the regulator’s actions and claim that it has failed to provide regulatory clarity for the industry.
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Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Christopher โChrisโ Giancarlo was unanimously confirmed to serve as Chairman of the U.S.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
