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Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo has emphasized former U.S. President Donald Trump’s critical role in the cryptocurrency industry, dubbing him “America’s first crypto president” due to the approval of bitcoin futures during his administration. Trump’s crypto stance has evolved significantly since he was in office.
Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC), recently underscored former U.S. President Donald Trump’s pivotal role in the cryptocurrency industry. Speaking at a crypto policy summit in Washington, D.C., Giancarlo referred to Trump as “America’s first crypto president.” This title originates from Trump’s administration approving bitcoin futures during his first year in office.
The former regulator said:
In addition to announcing he’s now ‘good with it’ — crypto, that is — Trump may justifiably claim to be ‘America’s first crypto president’ … That is because of the launch of regulated bitcoin futures in the first year of the Trump presidency.
Trump recently confirmed his acceptance of cryptocurrency. In February, he acknowledged bitcoin’s popularity, stating that BTC has taken on a life of its own and he “can live with it.” This was a stark contrast to his July 2019 statement on Twitter (now X), where he wrote: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” Since leaving office, the former U.S. president has launched three non-fungible token (NFT) collections. In March, he referred to bitcoin as “an additional form of currency,” noting that he “sometimes will let people pay through bitcoin, or will let people get involved in a new [currency].”
The former CFTC chairman also highlighted the significance of approving bitcoin futures during the Trump administration: “The enduring success of that regulated futures marketplace has helped ensure that the world’s first digital commodity — bitcoin — is priced in U.S. dollars,” he said, emphasizing its importance for the future of digital assets.
Giancarlo further noted that in 2017, cryptocurrency was not a political issue, as he and fellow CFTC commissioners were “unified in support of regulatory innovation.” However, it has since become a political topic. Earlier this month, Trump met with crypto enthusiasts and announced his decision to accept cryptocurrency for campaign contributions. He also told the group that President Joe Biden “doesn’t even know” what crypto is. “If you are in favor of crypto, you better vote for Trump,” he declared.
