Chris Giancarlo Provides Insights On Strategic Bitcoin Reserve Proposal: Details
Chris Giancarlo, the former Chairman of the Commodity Future Trading Commission (CFTC) has broken silence on the strategic Bitcoin reserve proposal and other policies to expect from the Donald Trump administration. Speaking in an interview with Fox Business Charles Gasparino, the former regulator noted that achieving the Bitcoin reserve plans will come with surmountable challenges.
Chris Giancarlo on Bitcoin Reserve
In the interview, the former CFTC boss confirmed that he has not directly spoken to President-elect Donald Trump despite being the frontrunner for the ‘Crypto Czar.’
He said there is a lot of consideration ongoing at President Trump’s Mar-a-Lago resort to achieve the crypto agenda achieved. Outlining initiatives like crypto self-custody, the establishment of a crypto council and Bitcoin reserve, Chris Giancarlo said these things are hard to do.
The Crypto Dad noted that getting the right people to man the strategic positions comes with a major ask. He said the right people are those who have built crypto businesses. However, this experts might face a drawback as they may be asked to disclose their assets.
He noted that this disclosure requirement and the potential divestment demands makes the initiative complicated. Meanwhile, he shared more insight into what drives Donald Trump, which include the need to drive economic growth.
While known as a Bitcoin critic, Chris Giancarlo said his need to turbo-charge the US economy has driven him to crypto and AI.
In addition to the Bitcoin reserve take, he also spoke about refusing SEC Chairman role as reported by Coingape recently. He claimed at the time that he do not want to clean up Gary Gensler’s mess as he did at the CFTC. In his revelation, he claimed talent depletion and Union issues are some of the issues the new Chairman may have to deal with.
Former CFTC Chair on Ripple Versus SEC Lawsuit
The Fox Business conversation also veered into the pending US SEC appeal on the Ripple Lawsuit. Chris Giancarlo said he bet the administration will ensure the lawsuit is dropped.
The leading candidate for the Crypto Czar emphasized how important the role is in helping President Trump achieve his set goals.
Lastly, the former regulator shared his take on who will take over from SEC Chair Gary Gensler. He suggested Paul Atkins, a former Commissioner with the agency that is reportedly in the lead for the position.
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