Former CFTC Chairman Chris Giancarlo has expressed strong support for the Commodity Futures Trading Commission (CFTC) taking on a larger role in regulating cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: BTC).

Chris Giancarlo, ex-CFTC chair and crypto advocate, may become the US crypto czar, signaling a shift in blockchain regulation.

Donald Trump’s transition team is reportedly considering “Crypto Dad” Chris Giancarlo, former CFTC chair, for a proposed crypto czar role.

The Trump government is reportedly looking at the possibility of giving the CFTC the authority to regulate the spot market for Bitcoin and other cryptocurrencies, potentially providing more clarity on which regulator should oversee the industry.

Donald Trump’s incoming administration has plans to hand over most of the crypto industry’s regulatory power to the Commodity Futures Trading Commission (CFTC). This is a direct move to strip the Securities and Exchange Commission (SEC) of its grip on the $3 trillion crypto market—a market that’s been stuck in a regulatory disaster for years.