Leak suggests that Trump may nominate former CFTC head as first 'crypto czar'
President-elect Donald Trump campaigned in part on a pledge to make the United States a world leader when it comes to bitcoin mining.
This week saw information leaked which suggests that Trump is about to nominate America's first ever first ever White House "crypto czar."
Former CFTC regarded as a possible nominee
That's according to Forbes, which noted how members of Trump's transition team have been meeting with cryptocurrency experts to discuss what the role might entail.
Meanwhile, Fox Business reported that one figure seen as a likely contender for the position is "Crypto Dad" Chris Giancarlo.
The 65-year-old lawyer formerly served as head of the Commodity Futures Trading Commission (CFTC) under Trump's first administration.
Giancarlo was quoted as telling Fox Business that he "would be honored" should Trump nominate him as crypto czar but provided no further comment.
Commerce secretary nominee compares bitcoins to gold and oil
The story concerning Giancarlo comes just one day after Trump named Cantor Fitzgerald chief executive Howard Lutnick to serve as Commerce secretary.
Thank you, President Trump for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the US has ever seen and unleash our full economic potential. pic.twitter.com/CTr0sdH6nt
— Howard Lutnick (@howardlutnick) November 19, 2024
Forbes noted that Lutnick has been a loud proponent of cryptocurrency and praised the digital asset during an interview earlier this month with investing podcaster Anthony Pompliano.
Lutnick told Pompliano that bitcoin "is not a currency, it is a commodity like gold, like oil," adding, "I could sell oil, I can mine gold and sell gold, I should be able to mine bitcoin and sell bitcoin to anyone."
"Bitcoin, which is rare and is special, will become ever more rare, ever more valuable, over time it'll be financed just like gold [and] oil. Bitcoin will be way, way, way higher—sometimes lower—you just have to have faith," he stressed.
GOP senator introduced "Bitcoin Act"
Lutnick further asserted that he has "hundreds of millions of dollars of exposure to bitcoin" and predicted that his holding will be worth "billions" in the future.
Among Trump's cryptocurrency proposals is the creation of a strategic bitcoin reserve meant to offset America's $36 trillion national debt.
That idea has gotten support from Wyoming Republican Sen. Cynthia Lummis, who has introduced the "Bitcoin Act." It would mandate that the federal government acquire one million bitcoins over a five-year period.
